LEWISTON — Developers of a planned Lincoln Street hotel will get an extra three months to make their project work.

City councilors on Monday agreed to give developers Parallax Partners of Lewiston until June 2013 to close on the property.

That was about the time developers said they hoped to open the property to guests when the city Planning Board originally approved the plan last summer.

In June 2012, plans called for the Lincoln Street hotel to break ground in September and be ready for guests in the summer of 2013. According to the original agreement, the deadline to close on the property was this month.

“It’s a complex financing climate today,” said Chris Thompson, president of Lewiston-based Parallax Partners. “We went down the road with one particular lender, but we were never able to bring it to a conclusion. So we had to go back and essentially start fresh.”

Thompson said Machias Savings Bank has given developers a letter of intent to loan them the money. The project has also qualified for a U.S. Department of Agriculture loan guarantee, which gives the lender an added level of security.

“So a construction lender knows there is a guarantee in place and it’s much more secure,” Thompson said. “The credit of the U.S. government is behind that loan, as long as you meet their criteria.”

Thompson said he hopes to close the deal in April, purchasing the land from the city for about $500,000. He hopes to break ground soon after the real estate deal closes, with a planned opening in the spring of 2014.

Developers plan to build the 90-unit Hampton Inn Hotel on the 1-acre lot on Lincoln Street just south of Yvon’s Supersonic Car Wash.

The $11 million hotel would be marketed as a three-star hotel, slightly less expensive than Auburn’s Hilton Garden Inn Riverwatch hotel on the other side of the Androscoggin River.

The current proposal calls for a four-story hotel built at 15 and 29 Lincoln St. — the former sites of the R.I Mitchell building and the Vincent Fruits building. The building’s face would be built right up to Lincoln Street, with parking and support between the street and the river. The bulk of the rooms would face north, looking at the Great Falls.

Most of the 96 parking spaces would be built on-site or on a city-owned lot between the hotel and the Androscoggin River.

The Hilton Garden Inn hotel brand and the Hampton Inn brand are chains owned and marketed by Hilton Worldwide.

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