Thursday's City Council agenda includes a resolution declaring the .6-acre lot surplus and selling it to ADMC Design LLC in exchange for the buyer constructing a mixed-use project worth at least $10 million.
The mixed-use project, which extends to the hotel, would include a multi-level parking garage with ground-floor retail space and a mix of residential and office uses.
GrowthSpotter first reported in July that the company, headed by Albanian-born Albert Leka, had purchased the 106-year-old hotel at 1004 New York Ave. - across from St. Cloud City Hall. ADMC is in the midst of a $1 million renovation, converting the hotel into 18 luxury apartments or condos.
Leka followed up that acquisition in September, with the purchase of the historic Hunter Arms Hotel for $900,000.
Real estate agent Margus Mahar with JC Penny Realty told GrowthSpotter that Leka and City Manager Joe Helfenberger were meeting Monday afternoon to nail down the final details of the contract. According to the draft agreement, the property would revert back to the city if ADMC Designs fails to deliver approved construction plans or if it doesn't complete the project by a certain date.
That date was blank in the draft agreement. Under that scenario, ADMC would have a 10-day window to buy the land for $250,000.
Another detail not spelled out in the draft contract is the height of the parking garage and/or number of parking spaces. However, the contract does specify that the project would utilize "attendant parking."
Leka has told GrowthSpotter the parking structure would include reserved spaces for his tenants, but the other goal is to provide parking for visitors of expanded Centennial Park.
Leka would have until Dec. 31 to complete inspections of the property, and closing should take place no later than Jan. 15, 2017.