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Posted by: Kim_Hamilton on 07/11/2008 01:30 PM
Updated by: Kim_Hamilton on 07/11/2008 07:47 PM
Expires: 01/01/2013 12:00 AM
:
Progress on Utica Hotel May Be Stalling ~ By John Hamilton
Angels Camp, CA....We have just learned that unfortunately, the Utica Hotel in downtown Angels Camp has fallen out of escrow and is back on the market. Due to parking concerns and costs of adding enough rooms to make it a full hotel, Rudy Ortega chose not to purchase the hotel. It appears the best course of action for the Utica Hotel in the short term would be to find a buyer who is willing to make minor renovations and use the non-hotel portion as Commercial space. This is very sad as this was a very exciting venture for downtown Angels Camp. Update...We just had the opportunity to spend a few minutes speaking with Architect Rudy Ortega on the Utica Hotel. He expressed his regrets at not being able to pull the deal together. He was excited about the project and he knew many people in the area were looking forward to...
having a project like that in Downtown Angels Camp. Some of his comments were about how the lending environment has changed drastically. Prospective lenders are wanting increased leverage and security in our current economic climate.
He also said "The best course for The Utica Hotel might be for a public/private partnership that could possibly utilize grants or other means to help restore this historic building."
The Utica Hotel is over 70 years old and will need a significant renovation to become commercially viable. This may also be a good time to still drive the project forward. The awareness of the Utica has been raised significantly and the community was almost universally behind the project.
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