City closes purchase on Union Hotel building and three adjacent properties
The City of Trail is now the official owner of the building at 898 Victoria Street (the old Union Hotel) and three adjacent properties to the immediate south, including two vacant lots and one building on Cedar Avenue.
The purchase closed today, Aug. 31, and the City will be proceeding with the demolition of the old hotel and remediation of the lots in early 2018. The combined property will then be marketed to potential buyers for redevelopment.
“The City has already received considerable interest in the property,” said City of Trail Mayor, Mike Martin. “Any development proposals received for the property will be carefully reviewed for consideration as we want to ensure the best use for its prime location. Our vision is to see construction of a new and modern business that will complement the existing downtown businesses and the recent improvements the City has made to downtown amenities, such as the Victoria Street Corridor, the Esplanade, the Trail Memorial Centre, the Columbia River Skywalk and the upcoming Trail Riverfront Centre. The development will also result in new property tax revenue for the City and will ideally create a number of new jobs for the area.”
The City worked closely with the local RE/MAX realty office and the previous owners (the Merlo family) of the Union Hotel on this acquisition.
“We appreciate the professional service of RE/MAX and the cooperation of the Merlos,” continued Martin. “Development and improvements that will provide long-term benefits to the City continue to be a main priority. We’re excited to see how this particular opportunity will result in a positive influence on our local economy.”
About the City’s purchase of the Union Hotel and adjacent properties:
The City of Trail purchased the Union Hotel and three adjacent properties on Cedar Avenue, for a total cost of $125,000. The initial negotiations took place in later 2016 through to early 2017 with an official closing date of August 31, 2017.