Preston Springs Hotel Redevelopment

[rangersfan]

Lots of interest as Preston Springs hotel goes up for sale again
March 11, 2014 | Metro News | LINK

CAMBRIDGE — An offer to buy or redevelop the landmark Preston Springs building could materialize this month, said Paul de Hass, the heritage site’s current owner.

There has been lots of interest from potential buyers since the former luxury hotel and spa went up for sale at the end of January.

“We’ve had about six serious groups through the site so far, and I’m meeting two more personally this week,” de Haas said Monday.

“We’re hopeful we’ll see some sort of proposal within a couple of weeks.”

De Haas’ company, Haastown Holdings, has redeveloped several historic properties, including the Waterscape highrise condos in Galt.

He stressed he is looking for a partner or buyer simply because he has too much on his plate: his company has recently become involved in a couple of large developments in the Toronto area that are ready to go, so he is looking for someone to take over Preston Springs.

“This is not a situation of somebody bailing out for a mysterious reason,” de Haas said. “There’s nothing but support, municipally and politically, to see that site developed. All it needs is someone with the right vision.”

The historic property at King and Fountain streets is listed for $2.695 million, more than twice what de Haas paid when he bought the property in December 2012 for almost $1.3 million.

De Haas bought the property as a power of sale from a bank, said Curtis Darling, the sales rep at Colliers International who is handling the sale. He has since bought two adjoining lots, adding a half-acre of property to the 2.4 acres and allowing the addition of more parking.

The limited parking on the site is nestled on a narrow area between Fountain Street and a hillside behind the property, Darling said. As well, de Haas has carried out environmental and structural analyses since he bought the property, that show the building has no environmental problems and is structurally sound.

The building has sat empty since 1990, but the previous owner installed a new roof, Darling said.

“That roof really protected it and is what ended up saving the building,” he said.

The current zoning allows the construction of a 94-unit retirement home, but Darling said the potential to add parking may make it possible to consider other uses.

De Haas said the property would be ideal for redevelopment as condominiums, apartments or a retirement home.

The building’s character and prominent setting overlooking Riverside Park, its structural soundness, and the fact there aren’t many investment properties of this type on the market right now all may have contributed to the interest he’s getting, Darling said.

The five-storey, 49,000-square-foot building was built in 1879, according to City of Cambridge records. It is designated a heritage property.

In its glory days, the former luxury hotel has served as an international spa frequented by the likes of Babe Ruth and Lord Frederick Stanley. It also had stints as a religious retreat, luxury barracks for female rubber factory workers and a retirement village.