In a move that surprised several commercial brokers, the board rejected a $29 million offer for the 182-bed building from Los Angeles-based Dream Harvest Inc. which planned to develop the former hotel resort property into a new seniors multifamily complex, spa, 10,000 sf of retail and a paddleboat dock for dinner cruises.
Instead, the community trust will sell the land to the highest and best-qualified bidder after the beige brick building is demolished at an estimated cost of $2 million.
Area brokers tell GlobeSt.com on condition of anonymity the 14 acres might generate $2.30 per sf or about $100,000 an acre. That would bring the trust $1.4 million.
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