From the West Kentucky Star editorial team
August 27, 2024 | 8:44 p.m. | PADUCAH
The City of Paducah has terminated its partnership with the group that was supposed to develop the boutique hotel for the City Block project.
Louisville-based Weyland Ventures has been hired to develop the hotel as the cornerstone of the project near the riverfront. Weyland told the Paducah Board of Commissioners back in October that construction would be delayed after encountering problems with foundation construction, coupled with other “construction market conditions,” including rising interest rates, rising construction costs and problems finding subcontractors.
Paducah Mayor George Bray said, “A vibrant downtown Paducah remains our primary focus. The city and Weyland Ventures have mutually agreed to dissolve the partnership as both parties believe this is the best way to move the city forward. The city has hedged its bets with a clause in the development agreement to ensure that we retain control of the land if the project does not come to fruition.” Bray added, “The land closest to Broadway containing undeveloped parking was never transferred to Weyland. This section of the block is currently being reviewed for expedited modernization.”
Bray said that while the hotel initially made up a large portion of the Tax Increment Financing District, with private and public investment in the downtown area, the state’s minimum requirement of $20 million is expected to be met by March 2025.
Bray said that “several projects are being considered downtown, including a new hotel next to the convention center and the possible use of the former U.S. Bank building. The city is trying to support all of these projects in any way possible.”
