The city would pay $2.55 million for the old Wabasha Courtbuilding and its site at Sixth and Wabasha streets. The 54,000-sfbuilding has been largely vacant over the last several years, andwill likely be torn down to make way for new development. Theowners of the site, Sherman Rutzick and Rollie Stinski, havesigneda non-binding letter of intent to sell it.

"We are moving forward with deliberate speed," says BrianSweeney, the city's director of planning and economicdevelopment.

Sweeney calls it one of the more blighted properties near theCentral Business District – and one deserving of attention. Thatsection of Wabasha Street is near the Dayton's (soon to be calledMarshall Field's) department store and Lawson Commons, home toLawson Software. If the agreement does not produce a sale, cityofficials say they may pursue the site through condemnationproceedings.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.