The City County Observer has learned through it newest addition Mole #7 and has confirmed through Mole #44 that the Riverhouse property has a contract that has been signed on it and that the buyer is a developer who has every intention to utilized the property to create a river front hotel with between 125 and 150 rooms.
The Riverhouse has been in disrepair for many years and recently only drew bids of $350,000 at auction and opted to remain on the market to wait for a better offer. The terms of the contract have not been disclosed but the property has been listed by Woodward Commercial Realty for $1.25 Million.
The property that consists of two tracts is currently owned by Centra Credit Union of Columbus, IN and is assessed at a total of $760,000.
The Riverhouse which is the next door neighbor to the McCurdy Hotel that was just declared delinquent on their recent real estate tax bill of $10,782.69 and assessed a 5% penalty of $539.13 and has been the subject of much controversy of the three year ordeal that its owner City Centre Properties LLC has gone through seeking financing to convert it to 90 luxury apartments.
The Evansville Redevelopment Commission is meeting in a private executive session today to hear the Vetting report of Hunden Strategic Partners with respect to the downtown Convention Hotel that has been planned for the MLK Entertainment Complex for three years now. That hotel project has been through several false starts due to difficulties with financing and weakness of the chosen companies. The ERC commissioned an extensive vetting process to be done by Hunden Strategic Partners on proposals from Prime Lodging and the Kunkel Group to avoid another false start. The results of that vetting procedure may be released today.