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McCollum Hall Update

Financing Secured, Performance Schedule & Consent to Lease Approved

FORT MYERS, Fla. (December 16, 2019) McCollum Redevelopment Associates, LLC/Reva Development Corporation has secured financing to complete the restoration of historic McCollum Hall, a former dance hall and retail center in the Dr. Martin Luther King, Jr. Blvd. redevelopment area. In addition, a new Performance Schedule and a Consent to Lease was approved at the CRA Board of Commissioners meeting on December 11, 2019. The project is on schedule for a December 2020 Grand Opening.

McCollum Redevelopment Associates, LLC, through its partner Reva Development Corporation, has secured a $1.8 million funding commitment to complete the restoration of McCollum Hall. The Developer will close on this financing by December 31, 2019.

A summary of the Performance Schedule approved on December 11 by the Fort Myers Community Redevelopment Agency (CRA) Board of Commissioners is below:

November 15, 2019 Financing Commitment for Construction

December 15, 2019 Close on Financing

March 15, 2020 100% Construction Drawings to Landlord

April 25, 2020 Plans and Specifications submitted to City

of Fort Myers Building Department

April 30, 2020                 Commence Construction

December 30, 2020       Substantial Completion of all improvement