DMC vice president of development Brett Roler said a 90-day due diligence period was underway and the next step was to get environmental court approval for the purchase. Once the DMA closes on the property, requests for proposals would be put out almost immediately.
Several board members raised concerns about liability issues the tower has been vacant since 2014, concrete panels are falling off the exterior and the elevators are out of order and about the commission having to sit on the property if no developers are interested.
Roler said he thought a few months ago it would have been hard to attract interest, especially outside the region, but as vaccinations progress, more developers would start looking to invest in cities again.
Behind the Deal: Why Scott Kern and Malcolm Wilson are developing a $56M project on Union Avenue bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.