The saga continues with Urbana’s Landmark Hotel.
After the recent sale of the hotel at $1.3M took place back in September, the initial winning bidder bowed out, and then, the second highest bidder entered into negotiations on the property. Now, the buyer has bowed out.
From the press release:
NO BUYER YET FOR THE LANDMARK HOTEL
The second bidder in the Urbana Landmark Hotel auction has declined to close on the property.
Rick George is the Chicago-based senior hospitality broker with Avison Young representing the property owner, Xiao Jin Yuan.
“The second bidder was an experienced developer who genuinely wanted to see if his company could make this project work. We are moving on to consider our remaining options,” George said.
Urbana Mayor Diane Marlin and staff met with the prospective buyer several times to encourage his investment in downtown Urbana.
“We had several candid conversations about what the developer felt he could invest in this property and how much financial support he needed from the city to make the project work,” Marlin said. “The developer was unwilling to close on the property without a commitment from the City to rebate all tax revenue generated by the project for at least 20 years. This scenario was not acceptable to the City.”
For more information about the City of Urbana, please visit www.urbanaillinois.us.
Top photo by Justine Bursoni