The upper two floors of the building at 1025 N. Broadway have sat vacant for about 40 years. But that may soon change.
The three-story, 17,688-square-foot building changed hands at the end of July. GM Development, led by Ben Gearhart and Charles Moore, purchased the space for $3.4 million, or about $192 a square foot, according to public records.
The building was originally the Burte Hotel. GM plans to convert the 40 rooms on the second and third floors into 20 one-bedroom and studio apartments. Leasing will probably begin next summer, Gearhart said. The National Park Service oversees the National Register of Historic Places, on which Gearhart hopes to get the building listed.
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