City Of Paducah: City Block Secures Financing Commitment

Press release from the City of Paducah:

February 23, 2022

Weyland Ventures has secured a financing commitment from Paducah Bank for the City Block Project’s boutique hotel with the groundbreaking and construction to begin late this spring.

The City of Paducah is announcing that Weyland Ventures has received an official notice from Paducah Bank and Trust Company of a commitment of the financing portion of the Paducah Downtown Boutique Hotel. The City of Paducah has been working with Weyland Ventures on the City Block project which will revitalize the block of downtown Paducah bounded by Second Street, Broadway, Water Street, and Jefferson. The boutique hotel will be along Jefferson Street.

Mayor George Bray said, “The City Block project is providing a platform for downtown growth which will further energize the heart of our city. This project will complement the variety of city-led projects and private investments already underway along the riverfront, up and down Broadway, and all over historic downtown Paducah. I am proud to share the news of Paducah Bank’s financing commitment, as this key community partner has continued to support the development or our city dating back to the development of Lowertown. And of course, I want to thank Weyland Ventures for the significant private financial investment in Paducah that will catalyze our city.”

Paducah Bank Board Chairman Joe Framptom said, "Our bank is pleased to partner with the City of Paducah and Weyland Ventures to continue the enhancement and development of our historic downtown. We are confident in Weyland's vision and ability to complete the project consistent with the arts, cultural, and entertainment aspects of our City. We applaud the Board of Commissioners and other City officials for their efforts to bring this visionary project to fruition."

Weyland Ventures and the City of Paducah have been working to complete the requirements in the development agreement signed by both parties in 2020. With all of the requirements now met, the construction documents currently are being finalized with a groundbreaking ceremony and construction to begin the spring. The first phase includes the hotel development and the public promenade, green space, and parking improvements.

Weyland Ventures CEO Mariah Weyland Gratz said, “In just a few short months, we will be breaking ground in Paducah’s beautiful downtown. The timing for this collaborative project is right, and I am thankful for the commitment from Paducah Bank, the partnership with the City of Paducah, and the support of Paducah’s businesses and citizens. Weyland Ventures is committed to creating a dynamic development that reflects the history, charm, and vibrancy of downtown Paducah.”

Weyland Ventures along with the City of Paducah and the Paducah Main Street Design Committee have collaborated to develop a design for the City Block project that will gracefully weave into the fabric of downtown Paducah.

This press release was produced by the City of Paducah. The views expressed here are the author’s own.