Preston Springs Hotel Redevelopment

[rangersfan]

Preston Springs Hotel back on the market at double previous price
March 6, 2014 | CTV Kitchener | LINK

Barely one year after it was last sold, a historic property on the edge of Cambridge is back on the market.

The Preston Springs Hotel, at King and Fountain streets, has sat empty since 1991.

In December 2012, a deal was reached to sell the property to Paul de Haas – the developer responsible for the Waterscape development on Water Street – for $1.3 million.

Now, the property is once again listed for sale.

This time, the purchase price stands at just under $2.7 million.

De Haas says part of the reason for the increase is because two adjacent properties have also been acquired, solving the building’s parking issues.

“There’s been a tremendous amount of progress made,” he tells CTV News.

An outright buyer isn’t necessarily the only option on the table for Preston Springs – de Haas says he’s also open to partnership offers, and at any rate will continue to work on the property until it’s either back in use or no longer his.

“We’re not stopping the work that we would otherwise be doing if we were going to complete the project on our own,” he says.

“Hopefully we find that right group and there’s a deal that makes sense for everybody.”

Hardy Bromberg, Cambridge’s commissioner of planning and development, says there are lots of options for any prospective owner.

Those options include a residential building and the possibility for a restaurant, spa or other business on the main floor, and Bromberg says the city will work with whoever ends up owning the site to find an acceptable solution.

“We’re ready – open arms for anybody to come along and redevelop the site,” he says.

De Haas says he’s already heard from three prospective buyers.

Formerly known as the Del Monte Hotel, the Preston Springs Hotel sits on a natural sulphur spring.