Urbana Landmark Hotel to be auctioned off in December

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URBANA, Ill. (WAND): One of the most easily recognizable Urbana buildings will be up for auction next month.

The Urbana Landmark Hotel is being listed by the Amber Hotel company. It will start at a minimum bid of $350,000 dollars.

This is significantly lower than the previous $5 million dollar asking price.

The City hopes this will attract new investors to the area.

"It's especially important now that the Green Street is being reconstructed as part of the MCORE project," City of Urbana Mayor Diane Marlin says. "Green Street will become the main gateway from campus to downtown Urbana and we need to have something big and bold and wonderful at this site."

A previous project on the hotel fell through this summer. That happened when the investor asked the city to give nearly $10 million dollars to the redevelopment.

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