CDA Executive Director Manny Sablan said the transformation of the hotel, which was shut down following its foreclosure years ago, will help boost the local economy.
“CDA is working with the Department of Commerce which is taking the initiative in this project, and we hope to have it done as soon as possible,” Sablan said.
The business incubator aims to help local entrepreneurs, he added.
“People who are planning to engage in business can come to the business incubator and we can offer them technical or loan assistance for their business ventures,” Sablan said.
“Right now, the government, through the commerce department, is making all the necessary moves in applying for a grant to make this project possible,” he added.
According to Sablan said, there used to be a business incubator at Northern Marianas College but it has stopped operations.
He said the hotel will provide office space for entrepreneurs and house other business offices including the Small Business Development Center which will offer resources and services to prospective businesspersons.
Commerce Secretary Michael Ada earlier said the retrofitting of the former hotel would involve its renovation, the rewiring of electrical lines, re-plumbing, upgrading of parking space, landscaping as well as the excavation for an elevator and general installation.
Sablan said Pacific Gardenia has been for sale for a long time but there have been no serious takers.
Last year, CDA set a $1 million minimum bid requirement after entering into an agreement with the Department of Finance to settle the $1.4 million outstanding tax obligation of the hotel’s previous owner.
Pacific Gardenia Hotel and Sunset Bar & Grill filed for bankruptcy in federal court in Sept. 2004.
