A House at Fernwood, Oregon, may soon become a hotel.
The city has been trying to buy the property for the last decade.
Now, it’s time to get the deed done.
The land, along with its nearby farm, is currently being developed for the National Association of Home Builders.
In the meantime, the city has applied for a hotel license, and it’s hoping to break ground on the building next year.
The property is currently a public building, but is currently owned by the City of Fernwood.
That means the city can sell the property to private developers and use the proceeds to build a hotel or condominium complex on the property.
If the city makes a bid for the property, the landowner can then use the money to pay for a new home.
If a deal is not struck by then, the property would be turned over to the city and the developers would continue to be responsible for upkeep.
The developers, who have not yet decided whether to bid on the project, say they hope to break even on the deal in three to five years.
Read more at Bloomberg Businessweek