A developer involved in renovation of the historic Olivia building said he expects to restart work by year's end if currently pending refinancing of the project costs come through by then. Sawyer Smith, a partner in family businesses Blue Haven Investments and Bykota REI, read a letter from Olivia ownership on the status of the project at a Joplin City Council meeting Monday. Smith, asked by the Globe in January about work stoppage at the building, said the owners had put it on hold to seek new financing.
The cost of the project had ballooned from $7.9 million to $10 million since its start because interest rates had quadrupled, Smith said then. The intention was to find financing that would lower the costs to carry the debt after construction.
He said then the renovation of the Olivia was half done and that the developers intended to finish the project. The statement Smith read at the Monday meeting: "As you know, the Olivia Building has been one of Joplin's most prized architectural landmarks since its construction in 1906. In 2020, a fire threatened to destroy the beloved structure and it would have if not for the timely help of the city of Joplin and many of its residents who created a partnership between the city and the owners of Blue Havens Investments to get the building back into functioning order as a centerpiece of the downtown Joplin living experience.
"Since the start of the renovation, several roadblocks have been thrown at the team. Currently the project is sta.