Back in June, Urbana’s Landmark Hotel renovation project was deemed “not feasible” — which while upsetting to some, would’ve placed a massive financial burden on the City of Urbana. This morning, the City issued this press release which announces the hotel will go up for auction on December 11th.
While someone related, check out Andrew’s look at Lincoln Square that recently published in Culture.
From the press release:
For Immediate Release – October 30, 2017
Hotel up for Auction in December
The City of Urbana has been notified by real estate broker Amber Hotel Company that the Urbana Landmark Hotel will be put up for auction beginning December 11, 2017.
Mayor Diane Marlin said that now is the time for those with transformative ideas for this area to step forward.
“The location is outstanding and could be put to many vibrant uses—especially with the upcoming MCORE reconstruction of Green Street that will lead people directly from campus to the doorstep of the hotel property in the heart of downtown Urbana,” Marlin said. “It’s time to re-envision the entire nine square blocks that’s the site of Lincoln Square, the Landmark Hotel, and several public parking lots. We need to be imaginative and bold and develop this site in a way that will serve us for the next 50 years.”
The fifth and final phase of the
estimated $31.2 million$46.9 million Multimodal Corridor Enhancement (MCORE) project is scheduled to be completed by theend of 2019completed in 2020 and will reconstruct Green Street from the edge of the University of Illinois campus to Race Street in Downtown Urbana.California-based Amber Hotel Company listed the hotel property for auction on the real estate website Ten-X Commercial. The listing page shows a minimum bid of $350,000 and a refundable participation deposit of $10,000.
The Urbana Landmark Hotel, 201 S Race St, is currently closed. Hotel owner Xiao Jin Yuan purchased the property in 2010 for $600,000. After making improvements and reopening most of the hotel rooms, Yuan returned over $1 million in incentives to the City after failing to also reopen the hotel’s restaurant and conference center as part of a development agreement. Yuan closed the hotel in April 2016.
Contacts:
Diane Marlin
Mayor, City of Urbana
Brandon Boys
Economic Development Manager, City of Urbana
Top photo by Justine Bursoni.
