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Monday Morning Winthrop Update
There’s been a lot of speculation in the last few days as to what happened to the Quigg group and his group of citizens, business people, and activists who hoped to convert the Winthrop into a hotel while building new affordable housing capacity. Here’s the latest:
Last week’s negotiations between A.F. Evans and the Quigg group failed to finalize a deal. The problem was apparently the mechanics of the deal – a rather complicated financial arrangement that changed week to week and day to day. Plus, the speed at which the deal was moving made several key players quite nervous. Potential partners, like Coast Hotels, simply needed a bit more time to understand what they were getting into. In the end, A.F. Evans made the necessary $750k payment and will close on the building.
At this point the Quigg group is effectively pursuing a more standard real estate transaction with A.F. Evans. An offer is on the table from A.F. Evans and a counter-offer will be made today.
Where we are today isn’t significantly different from where we were last week. On the plus side, the current owner will be eliminated from the equation and A.F. Evans will own the building. It’s a touch risky in that A.F. Evans could pursue another buyer. The general feeling is that Evans isn’t looking to do a long term affordable housing project at this point. Whether it’s the political winds or the economics of the deal, Evans will probably end up flipping the property to another developer.
So what’s going to happen? We’ll probably know by Friday. The path between here and there is a but unknown. The feeling in the room is that we’ll have a workable deal. We’ll see.
Meeting at 5:45 am in front of Tully’s is dedication. Thanks to everybody involved.
Link | Posted on 23. October 2006, 07:21
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Meeting at 5:45 am in front of Tully’s is dedication. Thanks to everybody involved.
Thanks for showing up on it Derek.
Everyone is keeping their collective fingers crossed. Meanwhile, downtown continues to be undergoing renovations.
In the meantime, while many of aspects of the Winthrop Hotel are on hold, I have started collecting some historical artifacts from the Winthrop Hotel.
So far I have a few post cards and ornate bottle opener/spoon collected from around the country.
It probably isn’t possible to re-assemble the original Winthrop Hotel in this manner, but I will give it a try.
If anyone knows of any items from the Winthrop Hotel, let me know.
1 | Posted by Erik | Oct 23, 09:00 AM
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