In today’s paper, I wrote about the fate of the former Artisan Hotel in Midtown, 1837 Union Ave.
Listing agent Tony Westmoreland has encountered his fair share of hiccups during his roughly two-month span of marketing the property.
The reason being is the building is in need of extensive repairs. In fact, before Westmoreland was made aware that the entire building had been stripped of everything of value, he advised a $2.5 million listing price to TennVada Holdings LLC, the Las Vegas investment group that owns it.
Upon learning that the once full-service, 178-room hotel and its amenities was now simply a hotel shell, he quickly dropped the listing price to $1.6 million.
But get this: once upon a time, CVS/pharmacy had expressed interest with the out-of-town entity for the 164,969-square-foot hotel/motel hi rise. That would have put the pharmacy directly across from Walgreens at Union and South McLean.
But we all know the ending to that story. Ultimately, CVS purchased the former Union Avenue United Methodist Church, 2117 Union Ave., earlier this year for $2.3 million. That site is across from an Ike’s Pharmacy.
The reason they opted out? Demolition costs.
“It’s unfortunate that CVS was talking to these people before they purchased the old church,” Westmoreland said. “That would have been a great transaction, but with the demo cost, they probably decided to go in that area. The land value of the (Artisan) lot would be valuable if the hotel went through the demolition process but as it stands at the moment, it has very little value.”