Friday, October 11, 2013
Statler Hotel announces a buyer — Centurion American Development Group
Though the deal has yet to be finalized.
In August, Henry S. Miller Brokerage Multifamily executive vice president Lew Wood told us someone had indeed emerged as a buyer for the old Statler Hilton and the adjacent once-upon-a-time central library. He just wouldn’t say who. But last night, in front of more than 100 “Young Guns” from the Real Estate Council, Wood revealed the winner of the Statler sweepstakes: Centurion American Development Group, which, in 2010, bought the stalled-out 22-story Residences at the Stoneleigh out of foreclosure.
When we asked Wood about Centurion American’s plans for the Statler, he was appropriately … well, “evasive,” to use his word.
“The plan right now is for the Statler to be converted into a hotel and high-end residential with a very small retail component on the first floor,” said Wood. “It’s a fabulous project.”
The deal’s not quite done, Wood pointed out: Centurion American has until October 28 to sign the deal or toss the contract. Some things still need to be nailed down, chief among them how to handle parking. Said Wood, Centurion American’s looking at two options: demolishing three stories of existing underground facilities, and acquiring nearby property with parking lots.
“The three stories underneath used to be the back-office stuff, the laundry facilities,” he said. “That’s all underground, and it’s huge, and it’ll all be demolished back to the library. They are now looking for adjacent parking to help development and so they can recapture some of that square footage.”
But Wood, who began marketing the Statler during the summer, is optimistic that this will be the real deal, that Centurion American can accomplish what Ricchi Investment Group couldn’t, what Jack Matthews didn’t think possible, what and current owners Hong Kong-based Hamsher International wouldn’t.
“The owner of the Statler selected Centurion American to be the buyer of the Statler Hotel,” Wood said. “It was a very complicated process.” And, he pointed out, it still is: “They are going through a very extensive due diligence. It’s a very complicated deal. There’s a large amount of TIF dollars involved, state historic tax credits, federal historic tax credits — lots of moving parts.”
The Statler Hilton is For Sale (Again)
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