Milwaukee Icon Hotel developers get more time to pay off city loans

The developer of the Icon Hotel on Rue West Fond du Lac and West North Avenue could get more time to pay off the city's loan to help finance the project.

Developers of the planned Milwaukee hotel will get more time to pay off city loans to help finance the project under the new proposal.

Kalan Haywood Sr. faces a September 1 deadline to use to advance plans to transform historic former Sears store at 2100 W. North Ave. into 80-room Ikon Hotel and conference center We are facing a deadline to start repaying the $3.79 million that was deducted.

Heywood’s investment group, HG Sears LLC, has until September 2023 to begin making those payments based on a proposal to be considered Thursday by the City’s Board of Redevelopment.

The proposal also requires approval from the Common Council and Mayor Cavalier Johnson, but it came after an Urban Development Authority official said in July that HG Sears was facing loan defaults.

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