BREAKING NEWS: 3 Potential Buyers For Harder Hall

Sebring officials are negotiating contracts with two separate "entities" proposing to purchasing Harder Hall, and a third party has shown interest in the historic structure.

"We've had a meeting with one of the entities to further define what their vision for the place was and to negotiate the fine points of the contract," said former City Manager Bob Hoffman, who is still working for the city until September. "Those contracts have not been finalized yet."

The hope was to get the contracts on the city council's Sept. 2 meeting agenda, but that will likely not happen as the attorneys continue to review the documents, he said.

"I'm hopeful that we will have signed contracts - two competing contracts on Harder Hall within the next five to seven days."

Once the city has signed contracts, the potential buyers - Calibre Investment Group LLC and Ken White Management and Development LLC - will be invited to present their plans to the council, either at a special meeting or at the Sept. 16 regular council meeting, according to Hoffman.

Calibre Investment's plans call for converting the hotel into an independent living facility, and then, at a later date, constructing an assisted living facility on the property.

Ken White Investment proposes renovating the hotel into a luxury hotel/resort/spa and to build additional condominium units on the property.

A third party has shown interest in Harder Hall and is preparing a proposal for the city, Hoffman added.
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.

Before the bankruptcy, the city received a $5.2 million HUD (Department of Housing and Urban Development) loan for the hotel's renovation. About $4.6 million of that money was loaned to the investment group that was doing the renovation work.

The city was responsible for repaying the $5.2 million loan to HUD. Currently, the city owes about $4.6 million after repaying the $600,000 that was unused from the loan.

"We've got two very attractive offers that are being negotiated in the preliminary stages and I think that they will result in signed contracts," Hoffman said. "As soon as we get the signed contracts, we will present them to the city council and they will choose between them and we may have a third one [purchase contract]."