Updated: 03/26/2014 11:01 PM
Created: 03/26/2014 10:49 PM WDIO.com
By: Zach Hammer
The group looking to build a multimillion dollar development on Duluth's waterfront announced Wednesday that they have secured the funding to move forward with the project.
Sandy Hoff, president of Duluth real estate company F.I. Salter and one of the co-developers of the Pier B Waterfront Project, says they have found a group of banks and investors willing to back the $29 million development.
First, however, the Pier B Holding Group has to buy the second half of the property on the old LaFarge Cement site from the Duluth Economic Development Authority.
On Wednesday, DEDA voted unanimously to grant another 90-day extension for the group to gather the necessary funds to do so.
Hoff is optimistic that this extension will be the last, and expects construction to begin on the 140-room hotel next to Bayfront Festival Park by mid-summer.
"Slip 2 will be shallowed, and that will create a recreation area for canoeing and kayaking, and a gateway out into the harbor," Hoff said, explaining plans for the site. "There'll be a transient marina in that area, a new waterfront restaurant unlike anything we have in Duluth. It'll sit right there, 25 feet from the water. It's going to be so unique.
If everything goes as planned, Hoff says the upscale hotel should be opened by the summer of 2015.
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