Home Federal Bank in
The bank pulled back March 2 after Sears, Roebuck & Co. asked that a federal court give fast-track status to a lawsuit it filed Nov. 22, according to The Republic of
Sears is suing the Dora business, called Vision Hotel Partners LLC, and The Commons Mall in downtown
Vision Hotel is building Hotel Indigo and a nearby hotel, dubbed Candlewood Suites, in the mall. Vision has spent $1.15 million on Hotel Indigo and likely spent an additional $200,000 to $300,000 this month, the suit said.
The city encouraged the hotel projects to help revitalize the downtown.
Revenue for Sears and other mall tenants has slowed for years, and foot traffic is at an all-time low, the suit said.
The entire redevelopment project, which includes a parking garage, is expected to cost $121 million in public and private funds. Vision’s part of the project will cost $9 million.
Construction on the Indigo continued Tuesday afternoon, the newspaper reported. Having started in August, the hotel is to be finished in September.