The iconic downtown building has changed hands once again, this time to an out of town developer. The 9 storey former hotel was sold for $825,000 and the developer plans to restore the building back to a high scale retirement home.
The new developer who has not been identified will invest another $3 million in restoration and renovations according to local Realtor Jamie Caicco.
The building has had a long history in the Sault Ste. Marie Downtown. It originally opened in 1895. The tallest building in the city for almost 80 years when the tower structure was added in 1931. The building served as a luxury hotel up until 1996 when the bankrupted hotel was snatched up by Dr. Lou Lukenda who transformed the hotel into the Windsor Park Retirement Residence.
The building was then donated to Algoma University in 2010 – which used the building for a student residence. It was a move to bring young people back to the downtown area.
Recent budget cuts forced the University to put the building up for sale this year. The university was seeking about $2.9 million for the landmark building.