Channel 11 spoke with Jacob Chi, leader of Chi Developers, who confirms the project to put an Aloft hotel in the old Boyle Building at Capitol and Main is on indefinite hold, as we’ve indicated several times previously.
Chi puts the blame on the loss of tax credits another developer had expected for the neighboring M.M. Cohn building, which supposedly has stymied that project. Chi says the Cohn investment helps assure the success of a hotel project.
The Cohn Building project is one of several delayed by developer Scott Reed, one — a condo project — years in the incomplete stage. Arkansas Business detailed them recently.