MASON CITY — In a special session held earlier this week, the Mason City City Council approved moving ahead with the finalization of the sale of the land where a Hyatt Place Hotel will be placed as part of the River City Renaissance project.
The council unanimously approved the sale of the land in the eastern portion of the Southbridge Mall parking lot to MCCCH Incorporated, headed by developer David Rachie. Construction on the hotel will be financed by loans from Stearns Bank which have been guaranteed by the United States Department of Agriculture.
The city and developers need to close the deal by December 20th.
Construction is expected to start by next April and take about 18 months to complete, with the hotel being open in the fall of 2025.