Finance and Economic

WOOD RIVER — A $19.5 million hotel development is expected to be the next big project in a continuing commercial boom in the city’s east end.

The national economy may be in recession, but commercial growth continues in the area near Illinois Route 255, a controlled-access highway that links the area to Interstates 255 and 270. Construction continues northward on the highway, which eventually will connect to U.S. Route 67 in Godfrey.

Aventurs Development LLC, of St. Louis, plans to develop a 14-acre site west of Route 255 and north of Route 143. Mark Hubbs, one of the company’s principals, said it will include a 110-room Holiday Inn Express, a Country Kitchen restaurant and several gas stations and convenience stores.

"We’re excited about Wood River," Hubbs said. "It’s convenient to St. Louis. I think it’s a hidden gem. Nationally, the economy is down, but Wood River, they’re kind of creating their own economy."

Aventurs was originally a partner in the hotel project with YTB International, an Internet travel company that has its headquarters nearby. Hubbs said YTB opted out and Aventurs decided to buy the land and complete the project free credit report instantly. He said the hotel should attract significant business from YTB representatives visiting the home office and construction workers involved in the $3.6 billion expansion now under way at the nearby Wood River Refinery.

Wood River Mayor Fred Ufert said hotels in his area have been operating at 85 percent capacity.

"There’s a need for hotel rooms," he said. "It’s a great thing for us."

Ufert credits the new highway with recent retail growth that has included a new Super Wal-Mart in 2006, new Walgreens and CVS stores and two new car dealerships. (One relocated from a nearby Wood River location, and one relocated from Alton.)

The mayor said the city’s sales tax revenue has increased this year despite the recession and said city officials expect continued growth. He said it’s not only the new stores boosting those numbers but also the many workers who are employed in the refinery expansion.

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