City approves design contract for $43M Walesbilt Hotel restoration

In June, the Lake Wales Community Redevelopment Agency signed an interim agreement with Restoration St. Louis, the developer for the historic Walesbilt Hotel. The CRA will pay up to $2 million for design and preconstruction work. The whole restoration is estimated at about $43 million, and the CRA's total contribution is capped at $17.5 million.

"Our goal is to produce a more accurate construction budget based on completed design and proposed architectural work," City Manager James Slaton said.

A restored hotel overlooking Park Avenue and First Street would bring more people downtown for nearby shops and restaurants.

Source: GrowthSpotter