LAKE WALES, Fla. — The Lake Wales Community Redevelopment Agency voted Tuesday to approve an interim agreement with Restoration St. Louis, Inc., marking a major step toward the long anticipated restoration of the historic Walesbilt Hotel. The vote was 5-0 in favor of the agreement.
The agreement authorizes up to $2 million in preconstruction funding and allows Restoration St. Louis to begin design, planning, historic preservation work, and the preparation of construction documents for the landmark downtown building. The approval also establishes a maximum CRA contribution of $17.5 million toward the overall project, including both preconstruction and future construction phases.
The Walesbilt Hotel, located in downtown Lake Wales, has stood vacant for decades and has long been viewed as one of the city’s most significant redevelopment opportunities. The CRA selected Restoration St. Louis as the top ranked firm for negotiations in October 2025 following a competitive Request for Qualifications process. Four firms initially responded to the solicitation, with two ultimately advancing to the final shortlist.
According to documents presented to the CRA Board, the approved agreement covers
LAKE WALES, Fla. — The Lake Wales Community Redevelopment Agency voted Tuesday to approve an interim agreement with Restoration St. Louis, Inc., marking a major step toward the long anticipated restoration of the historic Walesbilt Hotel.
The agreement authorizes up to $2 million in preconstruction funding and allows Restoration St. Louis to begin design, planning, historic preservation work, and the preparation of construction documents for the landmark downtown building. The approval also establishes a maximum CRA contribution of $17.5 million toward the overall project, including both preconstruction and future construction phases.
The Walesbilt Hotel, located in downtown Lake Wales, has stood vacant for decades and has long been viewed as one of the city’s most significant redevelopment opportunities. The CRA selected Restoration St. Louis as the top ranked firm for negotiations in October 2025 following a competitive Request for Qualifications process. Four firms initially responded to the solicitation, with two ultimately advancing to the final shortlist.
According to documents presented to the CRA Board, the approved agreement covers only the preconstruction phase of the project and does not commit either party to begin construction. Instead, the agreement establishes a framework for planning, design development, historic preservation applications, permitting preparation, and other activities necessary before a final construction agreement can be negotiated.
The preconstruction process is expected to move through three phases: schematic design, design development, and construction documents. CRA officials estimate the work could take approximately eight months to complete, with milestone based payments tied to specific deliverables. The total amount authorized for these preconstruction activities is capped at $2 million.
The agreement also outlines efforts to secure additional parking near the hotel through properties located on Stuart Avenue, recognizing that adequate parking will be important to the long term success of the redevelopment project.
If negotiations continue successfully through the preconstruction phase, the parties would later return with one or more definitive agreements governing the actual restoration and operation of the Walesbilt Hotel. Under the terms of the agreement, if the project does not move forward, the CRA would retain protections allowing it to recover funds or obtain rights to work product developed during the planning process.
Tuesday’s vote represents one of the most significant milestones in recent years for the future of the Walesbilt Hotel and moves the project from the negotiation stage into active planning and design.
