Deals reached for two Main Street properties
May 27, 2011
Deals have been struck for the historic Imperial Hotel on Main Street and a vacant lot next door to the Imperial, the listing real estate agent said on Thursday, sales that could be harbingers of long-desired renewed investment in the street.
Brad Jensen, the agent who represented the sellers, said the deal for the Imperial was negotiated this week. An agreement to sell the empty lot, situated at 205 Main St., immediately south of the Imperial, was reached several weeks ago, Jensen said.
Jensen declined to discuss whether one buyer wants both of the properties or whether there are different buyers for the two. He refused to make public information about the buyer or buyers, including whether they are locally based or are outsiders.
"It’s always a relief. We’ve worked really hard to bring some buyers to the table," he said, indicating that "the prospects are very good" for the deals to be finalized.
The interested party or parties are continuing to conduct research into the two properties, Jensen said. He declined to outline a timeline for closings. A Tempe, Ariz., group owns the Imperial while a Scottsdale, Ariz., bank owns the lot at 205 Main St., according to Summit County property records.
Each of them at one point had been key parts of an Arizona developer’s ambitious plans for Main Street. The developer held other properties on Main Street at the time, including the Claim Jumper, but most of the ideas for the portfolio withered amid the recession. The Imperial had been on the market since mid-2008.
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Jensen’s website had listed prices of $1.2 million on each of the two properties. He refused to make public the negotiated sales prices.
"We got good prices for both properties. We got, basically, what we expected to get," Jensen said.
The Summit County Assessor’s Office values the Imperial and the land it sits on at a little more than $1.5 million. The Assessor’s Office puts the value of the lot at 205 Main St. at a little less than $1.4 million.
The Imperial commanded an asking price of just less than $3.3 million when it was put on the market.
A sale of the Imperial would be of particular note given its status as one of Main Street’s most prominent historic buildings. The Imperial’s interior, though, has been gutted, according to Jensen’s website. The cost of a renovation has long been seen as a likely sticking point for potential buyers of the Imperial, which dates to 1904.
A new owner would have several options for a redevelopment of the Imperial, including restoring it as a boutique hotel or turning it into a restaurant, which was once considered prior to the recession.
The lot at 205 Main St., meanwhile, is one of the last remaining vacant pieces of land on Main Street held by the private sector. It could be developed in several different fashions, perhaps with commercial space on the ground floor of a building and residential square footage on upstairs levels.
If the deals are finalized, there could be a positive effect on the collective psyche on Main Street. The Imperial and the Claim Jumper have been some of the starkest visible reminders of the recession. It has been rare since the 1980s for Main Street buildings to sit empty for years at a time like the two have.