LORAIN — A development deal for the Broadway Building could be in place as soon as two weeks from now.
The Spitzer Plaza Hotel, at 301 Broadway.
CHRONICLE FILE Enlarge
Spitzer Great Lakes Ltd., the owner of the crumbling building, is working on closing a deal with the Chicago-based development firm ReTown, company attorney Tony Giardini said.
“I would say I’m 90 percent positive that we’ll have a development deal firmly in place in the next two weeks,” he said. “There’s still some other things that need to take place before anything’s official, though.”
Giardini did say the deal would include turning the building into market-priced housing for those ages 55 and older, which he said May 25 that the developer and Spitzer were having a hard time finding the funding for as opposed to subsidized housing.
The building, which sits at the corner of Broadway and East Erie Avenue, was the Spitzer Plaza Hotel until 2005 when it closed due to low-occupancy rates and has remained empty since then.
Another pretrial conference took place Monday where Giardini gave an update on Spitzer’s progress to clean up the property, which was added to the National Register of Historic Places in 1985.
“We’re cleaning up the netting along the upper part of the outside of the building,” he said. “That was one of the first things that had to be done. We can’t do anything to the facade if the netting’s getting ready to fall down.”
In January, Spitzer was cited by Lorain’s Building, Housing and Planning Department for failure to maintain the exterior structure in good repair, structurally sound and sanitary so it will not pose a threat to public health and safety; bricks that appeared to be detaching from the building; and two unsafe conditions violations, which said that siding and masonry joints were not maintained or weather-resistant, as well as that veneer, cornice, belt courses, trim and other decorative features were not properly anchored or capable of supporting loads.
At the May 25 pretrial hearing, assistant law director Mallory Holmes said Spitzer had until Sept. 1 to fix the building’s issues or the citations would go to trial Sept. 21.
- Potential Broadway Building developer shows renderings
- Lorain planning director says no way to Broadway Building proposal
- Lorain developer hopes to have funding estimate by month's end
- Council holds off on decisions on Broadway Building
- State grants credit extension to Broadway Building project developer
- Lorain's plans for Broadway Building back to Square One
- Spitzer Plaza Hotel to change hands
- Hotel going into former Spitzer Hotel in Lorain
- Lorain could take possession of Broadway Building
- Lorain takes ownership of Broadway Building
- Over $1.7 million in tax credits going to hotel (UPDATED/VIDEO)
- Lorain council advances Broadway Building project with tax agreements
- Get a 'before' look at Lorain's Broadway Building on Wednesday (VIDEO)
- Broadway Building owner given September deadline
- A deal might be in the works for Lorain's Broadway Building