St. George has purchased the Inn at St. George, one of the area’s oldest operating hotels and a building sitting at what officials hope will grow into prime development property in the center of the city. The $1.6 million purchase leaves the city as a de facto property manager, with the city council agreeing last week to a profit-sharing contract that allows a hotel management company to run the business and maintain operations at the hotel.
But city officials said any short-term profits are only the tip of the iceberg – their long-term goals are to hold onto a valuable piece of developable ground at the heart of the city. The city has also purchased the neighboring property, a smaller site that once housed a thrift store, and planners alluded to the idea of selling the entire piece off at some point to make way for a large-scale development.
The property, located at 60 W. St. George Boulevard, is expected to grow in value as other projects go up around it. Construction is expected to start soon across the street at the new City View, a $30 million mixed-use development slated to include a new hotel, more than 100 apartment units and 10,000 square feet of retail space. The Spectrum