Clock is ticking on Rieger building

Peter Jobson of Excel Realty missed his September option payment on the building and hasn't returned e-mails and phone calls from the Rieger's owner, Greg Spatz.
Jason Singer
Oct 4, 2010

Peter Jobson of Excel Realty missed his September option payment on the building and hasn't returned e-mails and phone calls from the Rieger's owner, Greg Spatz.

Because of that, Spatz sent Jobson a letter this week terminating Jobson's option on the downtown property.

"My buyer is not moving forward with the Rieger," Spatz wrote, in an e-mail to the Register.

Jobson became the property's developer in June, hoping to turn the former downtown hotel into apartments for residents ages 55 and older.

But as the deadline approached for Jobson to turn in his application for senior housing tax credits, Spatz and project architect Jonathan Sandvick became worried after they hadn't heard much from Jobson.

Then, Jobson missed his payment.

Although it seems like a setback for the former downtown hotel, Sandvick tried to put a positive spin on the change in course.

"Now we know the score," Sandvick said. "Hitherto, we haven't been able to do anything with the building because it was committed (to Jobson). Now that it's played out, we can bring somebody else on."

Comments

Massengill Wins...

I sure hope they find a buyer too because poor Mr. Spatz bought this building from the City of Sandusky for $1 and hasn't paid taxes on it for 2 years and now owes almost $2200 on his $1 investment!  I wonder if this Jobson fellow found out that Spatz had bought it for $1 and sold it to him for over $300,000.  Maybe that is why he walked?  I think it is time that the city gives Spatz his $1 back and have the city find somebody that can handle the project.

thinktwice

Either what Massengill wrote or after mingling with the downtown click and after midnight crowd didn't feel the love.

Darkhorse

The city doesn't need to own any more crappy buildings nor do they need to allow other people to buy buildings and then sell them to us for $1.00.  These old buildings are endless money pits that should have been demolished years ago.     

first of duh month

 Darkhorse has made a defamatory comment toward the Rieger. It should be deleted.

It's that time of year! open it up as a haunted house, Main Street Association!

Satan666

Start with the Rieger and bulldose the whole downtown into the bay.

duckie1

Having a Haunted House in this building would be a great idea, however, a few years ago Main Street had looked at this idea and was denied to carry this forward because the Fire Department stated that the building did not have an active working sprinkler system, which is a requirement for any building that houses a haunted house. 

Mrs. Smith

 Sarcasm Alert: Thank goodness Mr. Spatz can finally start moving on this...I wouldn't want the building to sit empty for another four months.  LOL

first of duh month

 No active sprinkler system=a great idea: controlled burn & let it be a little "un" controlled all the way down to the Crowbar.

Better idea: Since the SR is right across the street & most of the award winning "reporters" see the large eye sore every day, start monthly "erosion updates" on the building like the Detroit News does with their "Abandoned Structure of the Week".

Idea #3: Use it to house the homeless Ragister employees that work 7 days a week in the Circulation Dept. & have to ride bicycles & eat at Care & Share while the inside desk dwellers make 4 times as much $ to sit inside a warm building & get fat in new vehicles.