RIVERSIDE, CA-MetroRiverside LLC has teamed with the City of Riverside to tap into new federal bond program to finance construction of a 125-room Hyatt Place and related improvements. The program, called Recovery Zone Facility Bonds, that will provide $20.66 million design, development, construction installation, equipping and furnishing of a 125-room Hyatt Place hotel on property bordered by Fifth, Market and Sixth streets and three story parking structure located at 3605 Market St.

The Riverside City Council voted unanimously to approve the financing of MetroRiverside’s Hyatt Place, which will be in the heart of Downtown, across from the Riverside Convention Center. MetroRiverside is scheduled to break ground this summer on the hotel, which is phase one of its two-block mixed-use project known as Fox Plaza. The hotel’s opening is anticipated for first quarter 2012. The Hyatt Place will anchor the residential and retail components of Fox Plaza, scheduled to be under construction by 2015.

The Recovery Zone Facility Bond program is a new type of tax-exempt bond created by the American Recovery and Reinvestment Act passed by Congress in February, 2009. It is intended to spur private development in economically challenged areas.

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