Rim Corp. Drops Hotel, Conference Center Plans

LIVERMORE, CA-Plans for a downtown hotel and conference center are being delayed because the would-be developer was unable to secure acceptable financing.

The Rim Corp. of Modesto was the developer of the project. Rim COO Jay Barter tells GlobeSt. that since the company first started lookinh at the project, interest rates have risen two points, construction costs have jumped 20 percent and the company’s proposed equity in the project has risen from 20% to 50%. “It was really an inability to get funding that would have made the project profitable,” Says Barter.

City officials were planning to acquire land for the conference center land and lease it to Rim Corp. They now say the goal is for a new retail development planned for a portion of the property to eventually drive construction of the $30 million conference center, restaurant and hotel.