(Danville) — A group looking to renovate Danville’s tallest building is getting help from the Industrial Development Authority.
The IDA Tuesday approved a one-point-six-five million dollar loan to Masonic Towers Redevelopment, LLC. It is through the IDA’s Special Projects Loan Fund. That’s a financing tool for high-impact historic redevelopment projects in the River District. It provides short-term financing for so-called “catalyst high impact projects.”
The 11-story Masonic Temple building was owned by the Masonic Corporation for more than 70 years. They sold it in 1997 to Riverside Development. It was briefly renamed River City Towers. A Florida group purchased it in 2001.
Last year, Williamsburg-based Cornerstone Hospitality listed the Masonic Temple as a project under development. They were planning a hotel with 85 guest rooms, meeting spaces and restaurants on the lower levels.
The IDA voted 6-0 Tuesday to approve the loan agreement. There’s no word on exactly what the new loan will pay for.