Developer pulls out of Lakeland Hotel project in Willmar, Minn.
WILLMAR -- The developer of the proposed $3.6 million Lakeland Hotel redevelopment project in downtown Willmar has pulled out because of a funding glitch.
Rick Goodemann, executive director of Southwest Minnesota Housing Partnership of Slayton, the project's developer, said today the project was not feasible because his agency is unable to use low-income housing tax credits from the Minnesota Housing Finance Agency, which would have funded more than 50 percent of the former hotel's rehabilitation costs.
"It's very, very disappointing,'' Goodemann said. "We did work hard on it. We had a lot of help, a lot of support from a lot of people and we rarely lose a project and we weren't going to lose it because we weren't trying.''