A few weeks ago, Patch reported on the stalled Four Points by Sheraton hotel project that was proposed for the corner of College and Howell avenues.
Now we have some new details about why the development never got going: according to the Milwaukee Journal Sentinel, the developer faces a $3.96 million foreclosure suit from three defaulted loans.
The newspaper reported Morton Community Bank of Morton, Ill., filed the suit in Milwaukee County Circuit Court. Read more here.
Developer Greg Trapani was scheduled to give the Oak Creek Common Council an update about the project next month. Under the proposal, the Sheraton hotel was to feature 107 guest rooms, a full-service restaurant, bar, fitness center, swimming pool, business center and meeting facilities.
An 1,830-stall covered parking lot would be used by travelers going in and out of Mitchell International Airport and would also generate revenue for the city, as Oak Creek would get 5 percent of the profits.
The Oak Creek Common Council approved a package that included $4.5 million in developer assistance through a tax-incremental financing district. As the newspaper noted, none of that money has been provided yet for the development.