HARRISONBURG, Va. (WHSV) -- The developer of the Hotel Madison project no longer believes it will move forward.
Paul Gladd, the developer, was caught off guard by the proposal failing. He said the idea to build a hotel and conference center on the campus of James Madison University was a win for all parties.
But on Tuesday, as we previously reported, the city and the JMU Foundation said they were not able to reach an agreement on the terms of the deal. The foundation would have paid $10 million to construct a conference center and the city would have eventually paid the foundation back based on future revenues collected from the new site.
Gladd said he's not sure what caused the deal to fail and that the city's role was an important component of the deal.
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