The former Clarion Hotel, also known as the Spnesta and the Summit, was sold to Wonder Works Construction and Development on Friday.
The long-vacant hotel on Constitution Plaza — a decaying eyesore for those entering the city on the Founders Bridge — has been sold to a New York-based developer who plans to covert it into apartments.
The former Clarion Hotel, also known as the Spnesta and the Summit, was sold to Wonder Works Construction and Development on Friday, city officials said today.
The 12-story hotel has been vacant for at least 15 years. Built in 1964, the hotel has been owned by the Maharishi School of Vedic Sciences since 1995.
Wonder Works could not be immediately reached for comment. The purchase price or how much the developer planned to invest wasn't immediately known.
David B. Panagore, the city's chief operating officer, said the former hotel guest rooms will be converted into mostly one-bedroom apartments, which have filled up the quickest in the new apartment buildings that have opened in recent years downtown.
The opening of a full-service grocery store, expected this spring on Asylum Street, will be a key amenity in attracting tenants to apartments, Panagore said.
Over the years, several attempts have been made to acquire the property, deals collapsing over the asking price, which has ranged from $5 million to $17 million. The Mahrishi paid $1.5 million for the property.