The units are individually owned under a Condominium form of ownership. Upon the closing of the purchase, the new owners would collapse the condominium and operate it either as a hotel or as a short term rental asset. Short term rentals are allowed under the current zoning. They are currently prohibited by the Condo Bylaws.
The zoning allows for many uses, retail, hospitality, apartments, and hotel are the uses allowed â€œas of rightâ€ per the current zoning. The property was built in 1960 and is considered historical as It is a Mid-Modern architecture. The zoning allows for up to 5 stories but the faÃ§ade of the building would have to be restored as is. This is a redevelopment play to either operate the existing 26 units as an ab&B or to convert to 50 high end hotel suites