A vacant building attracting crime in downtown Huntington will soon be sold and torn down for future development, according to the city.
For months, the future of the former Flats on 4th building has been unknown, becoming a hot spot for vagrants, trash and crime. After the previous owner filed for bankruptcy, JP Morgan Chase Bank took over ownership of the property. The bank recently paid to have a temporary orange fence installed around the building’s entrance, but with a door to the building visibly open Tuesday, it has proven ineffective.
“Partially as a result of pressure from the City of Huntington, JP Morgan Chase has agreed to accept a minimum offer of $300,000 from NRDEED, LLC, an Indiana-based company, to purchase the Flats building and parking lot on 4th Avenue,” said Bryan Chambers, communications director for the City of Huntington.
There will be a brief period for other interested companies to make a higher bid on the property through the Bankruptcy Court, according to Chambers. However, the current company in line for the purchase plans to tear it down and develop something new in its place.
“The current prospective owner has indicated to the bankruptcy trustee that it intends to tear down the structure to permit future development,” said Chambers.
The City of Huntington expects an order, approving the sale of the property, to be entered within 30 days. At that time, the prospective owners will take over possession and have an opportunity to secure the property.
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