“An investment group comprised of Canadel Development in Canada, and Polar Investments, an Israeli company controlled by Ziel Feldman, paid $25 million for the hotel. They plan to convert it into 100 luxury condominiums and add additional space. The conversion is expected to take 18-24 months, and cost $54 million.”
“Proceeds from the final sale of the apartments are estimated at $122 million.”
Hats off to Damion Matthews for not only posting this on his site, but quickly sharing the tip with us. In case you didn’t know Damion is a member of our Stammtisch.
I would have to add that anything to improve that eye-sore is a welcome development…well, maybe not anything.
–More New Development News [theFrontSteps]