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LANDMARK FOR SALE

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LANDMARK FOR SALE
The latest chapter in the long saga of the Clermont Hotel—where Al Capone supposedly once leased the entire top floor—is unfolding. The famous/infamous landmark, built in 1924  as an apartment building, is back on the market.
 
LANDMARK FOR SALE
Owner Fairway Capital has hired Franklin Street Real Estate Services   to sell it. Franklin is taking bids through the end of the month. The building has 126 units and 88K SF. A little recent history: Former owner Inman Park Properties tried to sell the building last year, but it wound up in foreclosure. After that, it was under contract for $3.5M but that deal fell apart, according to Franklin?s Jake Reid. In December, the Fulton County Health Department shut the hotel down, though the street-level retail tenant—the campy strip club Clermont Lounge—is still operating.
LANDMARK FOR SALE
We snapped this yesterday. A Franklin flyer says Clermont Lounge generates $6K a month for the owner. We got a couple of (different) opinions about the property yesterday. Gene Kansas, who marketed it on behalf of Inman Park Properties, says it has a cracking faade, a basement that floods, outdated plumbing/electrical and no parking. He tells us you?d have to spend $10M to $12M  to get it in shape. Jake from Franklin says the hotel has ?good bones? and he has received interest from potential buyers who want to turn it into everything from condos and apartments to a boutique hotel and office space. The proximity to soon-to-be-redeveloped City Hall East, the BeltLine and the Va.-Highlands and Poncey-Highlands neighborhoods are positives, he says.