KCRag Forum

So then there IS a chance it could become a hotel after all?

Or is there a better chance of selling at auction on the steps of the courthouse? I'm worried about some absentee owner sitting on the properties without spending any money on keeping them from falling into disrepair.

I think there is zero chance it makes it to the tax auction. All the current owner has to do is pay of a portion of the tax debt or set up a payment plan. I doubt they will lose the property.

I don't doubt your insight, but why would they let it get this far? It's kind of a public relations black eye.

I found two of the houses adjacent to the Loretto on the auction site and scheduled to go up on Friday - there are about eight houses next to the main property owned by the same entity. A local business owner from 39th called about the Loretto and couldn't find any details, so maybe the rest were included in the August tax sale.

In December 2017, the Loretto was bought by a partnership of Sunflower (the Traders building and Ambassador Hotel folks) and Cienda out of Dallas. A Cienda rep spoke to our neighborhood association about their plans to turn the Loretto into a boutique hotel and fix up the surrounding parking lot and homes included in the sale.
In February a new sign went up front stating new management, and someone I know called the and asked questions and was told the hotel plan was still happening, but on a longer timeline.
Yesterday new For Sale signs by Block & Co were up on both the main building property and the small parking lot across the street. Does this mean it's likely that Sunflower/Cienda is wanting to sell or just that they're using Block & Co to lease space?

The Loretto has been sold again - this time to Del Properties. The sale also includes seven of individual rental homes on the southern and southeastern edges, and those properties have already been receiving new roofs over the past couple of weeks. The plan is to keep the Loretto as an event space and they will be renovating the 40-some small apartments as the leases come up. Four to five Air BNB units will also be developed. I'm bummed that the boutique hotel didn't work out, but like what the developer did with the redevelopment of the school on SW Trfy.