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Contract Signed For Harder Hall
File photo
The Spanish style hotel on Little Lake Jackson opened in 1927, but has been vacant since 1982.
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Published: September 30, 2008
SEBRING - An investment group, with plans to convert Harder Hall into an independent living facility, signed a contract to purchase the historic hotel from the City of Sebring.
Caliber Investment Group LLC, of St. Petersburg, signed the contract with a $5.3 million purchase price.
Despite the signed contract there are a number of steps and up one year before the sale could become finalized.
The contract includes a 120-day inspection period to allow the investment group to complete a market study and an architectural and engineering study and to receive a letter of acceptance from the Department of Housing and Urban Development for mortgage insurance, according to City Administrator Scott Noethlich.
The city will receive the investment group's deposit payment of $200,000 after the 120-day inspection period, Noethlich said. After that 120 days, they have 120 days to close the purchase.
Also, the investment group has an option to delay the purchase with up to four 30-day extensions that require additional deposits, he said. The first three extensions require $25,000 additional deposits for each 30 days and a fourth extension would require a $50,000 deposit.
"So obviously they have the potential to take that all the way out to a year," Noethlich said.
In addition to converting the hotel into an independent living facility, Calibre Investment plans to construct an assisted living facility on the property.
Another potential buyer is Ken White Management LLC, which proposes renovating the hotel into a luxury hotel/resort/spa and build additional condominium units on the property.
Noethlich said if Ken White Management signs a contract today, both contracts would likely go before the city council at its Oct. 7 meeting.
The Spanish style hotel on Little Lake Jackson opened in 1927, but has been vacant since 1982. The City of Sebring became its owner in August 2007 after the investment group that was renovating the structure went bankrupt.
Marc Valero can be reached at 386-5826 or mvalero@highlandstoday.com
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