Mason City, Iowa (AP) – Officials say a California developer has defaulted on his agreement to begin construction of a hotel in downtown Mason City because he doesn’t have his financing in place.
San Diego developer Phillip Chodur defaulted Monday on his agreement to break ground for a Courtyard by Marriott hotel at what now is a parking lot west of City Hall.
Chodur, who owns a company called G8 Development, initially had agreed to break ground by July 31, but the City Council had given him a three-month extension.
The hotel is part of a planned $36.2 million downtown development that includes the hotel, an ice arena, parking ramp and music pavilion.
State financing for the project could fall through if the hotel plan fails.