Wayne Holmes, owner of a two-story building next to a former theater the city owns and wants to expand and redevelop, gave the city first rights to by the building at 257 E. Main St.. Earlier this week, the City Council voted to purchase property for its $160,000 asking price. The city bought the 800-seat theater in 1996 for $1,500, and hopes to transform it into a McMenamins-style theater and brew pub.

On the same day they voted to purchase the property from Holmes, City Council members directed officials to start condemnation proceedings for two more downtown storefronts at the southeast corner of East Main Street and South First Avenue. The Hall Law Firm and First Church of Christ, Scientist are said to be the occupants and owners of the buildings.

The city wants to use the land and adjacent properties for a mixed-use development that would include an expanded City Hall, and is already accepting proposals from developers who want to work with the city on the project. The owners of the two buildings, however, have rejected the city's request to purchase the properties.

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.