Bidding for 1001 Euclid Ave Buildings Once Planned for Hotel
Bidding closed this afternoon (Thurs) at 4 O’clock on a group of three Euclid Avenue buildings once penciled-in to become a Le Meriden Hotel. The property has become an eyesore during a long legal battle over the mortgage. Ideastream’s Mark Urycki reports..
A California group called JHB had a deal to turn the three buildings into a hotel and use some $11 million dollars in historic preservation tax credits in the process. But they’ve been in foreclosure. Receiver Mark Dottore says he’s received bids from people who want to bring some retail and housing to the site and a couple are still talking about a hotel.
“I’m hoping that someone comes in and understands and gives it the care it needs so it moves forward and we don’t have that blight sitting on Euclid Avenue - especially across the street from the beautiful work the Geis’s have done and Calabrese’s at the Kimpton Hotel.
“Hopefully the Huntington project takes off well. But we’re very confident someone will come in and take this project over because they see the value of it.”
The buildings have had torn plastic in the windows for the past year or more but Dottore says he will see to it that the building looks good for the thousands of visitors during the Republican convention.
“We’re dealing with that right now. As a matter of fact, there’s going to be a big banner for the RNC over four of the floors and we’re getting estimates now. There was no cash so we’re just trying to figure this out on our own.”
Dottore says it should take about 30 days for a judge to finalize a sale to the best and highest bidder for the property.