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Wilcox looking for extension on potential ’boutique hotel’ purchase, hits snag at Council meeting

A proposal to act quickly in granting Kit Wilcox a one-year extension on his option to buy a Mulberry Street property got derailed Monday night.

Kit Wilcox, a local real estate agent, along with partners have been finding investors to rework the dilapidated properties into a boutique hotel at 456 and 473 Mulberry St..

Wilcox has been regularly updating the city on progress as milestones have been achieved and city administration would like to give him another year before he finalizes a purchase for $10.

The administration has said if Wilcox decides against purchasing the buildings, the properties will revert back to the city who will compensate Wilcox for physical work that’s been done, or any research.

Council documents say that Wilcox has already expended significant capital and time into the properties.

But the timing has become an issue now, as three council members voted nay on moving the extension to final reading on Monday.

Angela Bastian, Wayne Dennis, and Russell Fleming were opposed but did not state a reason.

With the option agreement expiring in May, a new agreement will have to be drawn up instead of extending the current one.

Council members could approve that at their first meeting in May, where three new aldermen will be seated.

The City bought the properties in 2008 for $183,000 with the stated purpose of commercial development.

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