FOR IMMEDIATE RELEASE
Investors join to infuse nearly $1.2 million into Hoke Hotel project
In a commitment to local asset preservation, economic development and entrepreneurship, several community investors have partnered to offer more than $1 million in financing to the Hoke Hotel LLC project in downtown Hutchinson.
Peoples Bank and Trust, StartUp Hutch, NetWork Kansas and Hutchinson Community Foundation will contribute a combined $1,190,000 construction loan package to the renovation of the 111-year-old Hoke Building, 25 E. First Ave., into a 24-room boutique hotel.
This is the biggest loan that I have been a part of in my 10 years in being involved in StartUp Hutch, said David Dukart, program administrator at StartUp Hutch, formerly known as the Quest Center.
Kansas City property developers Mark and Phoebe Davenport, owners of Levare Properties, are behind the effort, along with the recent purchase and refurbishment of downtown Hutchinsons Plaza Towers and Leon Apartment buildings.
We are thrilled to partner with these investors in the development of a boutique hotel in the historic Hoke Building in downtown Hutch, Phoebe Davenport said. Our shared vision of a vibrant, thriving downtown Hutch is resulting in a beautiful collaboration!
Originally constructed as an office building, the Hoke has housed several tenants over the years, among them the Hutchinson Board of Trade and the Great American Life Insurance Co. The last first-floor tenant left in 2010, and the Hokes upper floors have sat vacant since the 1960s. Period wood moldings, tin ceilings and checkered floor tiles remain in the building listed on the National Register of Historic Places.
Peoples Bank and Trust is proud to partner with the Davenports on their vision to restore this iconic building. The collaborative relationship between each organization has truly been exciting to be a part of, and we are making it happen. This project will have a great impact, not only on downtown but also on the Hutchinson community, said Michelle Inskeep, Branch President of Peoples Bank and Trust.
The investment represents an opportunity to help position Hutchinson and Reno County for a resilient, sustainable future.
Many community partners have been working together for some time now to identify ways to build on the resources our community already has. This impact investment supports entrepreneurs, a thriving downtown and the preservation of a historic building, said Aubrey Abbott Patterson, Hutchinson Community Foundation president and CEO. Were proud to play a part in encouraging the Davenports vision and plan for a boutique hotel, which will spur economic development and more investment in our city center.
This media release was originally distributed by the Hutchinson Community Foundation. For more information, please contact Wendy Skellenger
[email protected], 620-663-5293.