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Fate of 113-Year-Old Hotel Decided

VANCOUVER, WA-The City Council votes to buy the building at 501 1/2 Main St. for $750,000--less than the asking price but more than double its assessed value--and now plans to spend another $110,000 to demolish the site before finding a joint venture partner to redevelop the property.

By Brian K. Miller | Updated on March 08, 2002

VANCOUVER, WA-The fate of the 113-year-old Monterey Hotel is decided. The Vancouver City Council recently voted to buy the building at 501 1/2 Main St. for $750,000 and then spend another $110,000 to demolish the site before finding a joint venture partner to redevelop the property.

The purchase price is less than the asking price but more than double its assessed value of $343,000. The sellers are R.K. and Geetaban Patel. Attorneys for the City last year won a court battle that declared the Monterey Hotel a blight to urban renewal plans and brought the Patels to the negotiating table.

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