PETERSBURG, Va (WRIC) — A hotel sale in Petersburg is putting some money in the city’s pocket as it digs out of debt.
An old hotel built in 1915 on West Tabb Street is under contract for $800,000.
“The city recently sold it for $800,000, which was $200,000 above its appraised value,” city spokesperson Clay Hamner told 8News.
City officials told 8News the building has been vacant for at least 10 years; it once served as a city court building.
Monument Companies LLC plans to renovate the building into condos.
“There are going to be approximately 60 units inside the building, and it is going to be a $6M renovation,” Hamner said.
Hamner said it’s another wave of economic development and result of the city getting its finances in order.
“It will go back into the city’s coffers and help pay the vendors who some have yet to be paid,” he explained. “It will help pay regular bills and go into the general fund.”
Sunny Anand owns a business in the City of Petersburg. He said the deal is a definite positive for him.
“It helps all of the businessmen,” he said. “I am a businessman in the city. This will help turn the city around and generate revenue.”
City staff have also put a property located at 1015 Commerce Street on the market, as well as properties at 29 and 41 South Union Street.