Construction has begun to transform the former Murrumbidgee Mill site into a Holiday Inn, but previous plans to sell the development once completed have been shelved.
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It was announced at the end of last year that Mill developer Yu Xiao was planning to on-sell the finished hotel, but a spokesperson for selling agents Savills said its listing had failed to attract ideal interest.
The spokesperson said the sale had been "put on hold for now".
In the meantime, construction workers from FDC have moved into the site to begin delivering the $25 million mixed-development project.
Ben Van Dijk, general manager of FDC's ACT office said the teams have now been "instructed to proceed" by client Interlink and will commence construction on April 21.
"This will be our second Holiday Inn delivered by FDC adding to our strong capability of hotel delivery including brands such as The Vibe Hotel, Mecure Hotel, Veriu and Riverside Stables by William Inglis & Son," Mr Van Dijk said.
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Between 80 to 100 workers are expected on-site every day once construction has begun, and Mr Van Dijk said the client was "keen to support local workers" through every construction phase.
The expectation is at this point that the hotel will be "ready for guests" after August 2022.
The completion date has been revised back from the original early 2022 hopes, as a result of delays felt through the pandemic period.
"COVID put a dampener on plans but there's more confidence on this kind of asset now," Mr Van Dijk said.
"It's no doubt the implications of COVID-19 and subsequent government stimulus packages have created a stronger demand for regional tourism.
"To have IHG Hotels & Resorts commit their Holiday Inn model to the local area will ensure a high standard of tourism accommodation in Wagga for years to come."
Once completed, the Holiday Inn and Suites will include 148 rooms across 1700sqm, making it the largest hotel in the city.
The iconic Murrumbidgee Mill building will be retained but refurbished to include a carpark basement, a ground floor restaurant and conference rooms.
"We understand the significance of our heritage-listed projects not just in design and construction but the need to understand the sensitives and connection held by the local community," Mr Van Dijk said.
"It's exciting, we're excited to get started."