1 year, 8 months ago by
City to look for ideas for the site
With the rubble of the Newcomb Hotel removed and replaced with a barren lot of dirt, City officials now have a blank canvas for development to offer...for a price.
The City of Quincy will seek suitors for the now vacant lot at 5th and Maine that used to be the home of the Newcomb Hotel.
At tonight’s City Council Finance Committee meeting, the Committee voted to seek requests for proposals to gauge interest in the property.
Committee members wanted to have a way to measure the worth of the property via appraisals. City Planner Chuck Bevelheimer estimated the value at around $180,000 based on square footage comparisons to other downtown properties.
The City is looking to recoup some of the more than $1,000,000 lost following the defaulted loan by Victor Horowitz of Skokie and the cleanup costs associated with the fire and subsequent demolition of the building.
Mayor Kyle Moore has said the money the city receives from the sale of the property will go back into the TIF fund, which paid for the demolition costs.