The developer of a proposed Fairfield Inn
&
amp; Suites Marriott Hotel in Hollister continues to keep the
plans on hold while awaiting the financing to get it moving in the
down economy.
The developer of a proposed Fairfield Inn & Suites Marriott Hotel in Hollister continues to keep the plans on hold while awaiting the appropriate financing to get it moving in the down economy.
Developer Prakash Patel and San Jose-based Lotus Management proposed the hotel for 390 Gateway Drive, behind the Tiffany Ford dealership. Plans for a site and architectural review were approved by the Hollister Planning Commission in February 2009, but the developer has not proceeded on obtaining the needed building permits for construction.
Under the current arrangement, Patel and Lotus Management would have had 18 months from the original approval – until sometime in July of this year – to request building permits. But Assistant Planner Abraham Prado noted how the company would be eligible for an extension if it does not progress on the project by that deadline.
“It’s all on hold right now because of financing,” Patel said. “It all depends on when the banks want to give money.”
For the full story, see the Pinnacle on Friday.
