Developers move forward with Luminary Hotel plans

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FILE: Luminary Hotel rendering (Graphic via Mainsail Development/FILE)
FILE: Luminary Hotel rendering (Graphic via Mainsail Development/FILE)

The price tag for a new hotel in downtown Fort Myers stands at $91 million.

Much controversy has surrounded the plan for the Luminary Hotel, which also includes a parking garage, and renovations to the Harborside Event Center and city pier. But the land still sits untouched, as costs continue to rise.

“The cost of materials for construction is going up every quarter,” said Joe Collier, president of Mainsail Lodging and Development who are overseeing construction.

The developers plan on closing the construction loan Thursday despite unresolved issues with a deed on the property that has been keeping the city from moving forward.

“The bigger risk would be to stop this project and then go re-price the entire thing three or four months from now because prices are all going up,” Collier said.

The city is working to clear the title on the property now. Mainsail expects it to get resolved within 90 days. But some in the community are upset the city would go back on their promise.

“I am very disappointed that my representatives would not consider the spirit of the law,” responded one speaker at the meeting.

If the deed issue isn’t resolved and the project falls through, the city would have to pay Mainsail back $1.5 million.

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