HISTORIC PARK INN HOTEL
Location: Mason City, IA
Project Size: 27,254 SF
Sector: Historic Rehabilitation, Specialized Projects
Services Rendered: Consultants
Located in Mason City, IA, the Historic Park Inn Hotel is the last remaining hotel in the world designed by Frank Lloyd Wright. Here, design and history enthusiasts experience Wright’s distinct style and original intention, while enjoying modern amenities and comfort.
Constructed in 1910, the building was set to be demolished in the early 2000s. But in 2005, a group of citizens formed “Wright on the Park”, a nonprofit organization committed to preserving the building. Gronen was engaged to consult on the project and work toward securing funds needed for a complete rehabilitation. This included a comprehensive restoration of the brick and terra-cotta façade, replacement of the art glass skylight windows, and a complete interior reconstruction. The rehabilitation was completed in 2011 and the hotel, gift shop, and restaurant opened its doors.
"The financing of the rehabilitation/restoration of the Historic Park Inn Hotel in Mason City was a challenge, not just because of the mount needed ($20 million), but because of the complexity of the funding streams. Federal Historic Tax Credits, State Historic Tax Credits, New Markets Tax Credits, Multiple Grants, and Local Fundraising were all used to accumulate the needed funds. And, because of the way Tax Credits are paid after the rehabilitation is complete, the need for a bridge loan was essential. Without the assistance of a large variety of knowledgeable individuals, this complex funding could not have been successful
John Gronen and the staff of Gronen Properties were instrumental in assisting Wright on the Park with the financing from the beginning. They introduced our local financial institutions to a Dubuque bank who was willing to spearhead the bridge loan, partnering with our local banks. And when we were facing a deficit in the funding, Gronen Properties found a creative solution to add over $800,000 to the bottom line of the funding.
Wright on the Park will forever be grateful to John Gronen and Gronen Properties for their assistance in our efforts to restore the Frank Lloyd Wright designed Historic Park Inn Hotel."
—Jean M., Finance Director, Wright on the Park, Inc.
Awards
2012 Brick in Architecture Award
Gold Winner—2012
National Trust for Historic Preservation
Preservation Honor Award—2012