After being declared blighted by the city's Land Clearance for Redevelopment and authorized for 10-year tax abatement, the vacant Arcade Building will be offered at a foreclosure sale on December 31.
“This is a step toward getting the property back into circulation and get it redeveloped,” said Barbara Geisman, deputy mayor for development. “We were glad to see it.”
The Arcade is one of the few remaining buildings originally owned by Pyramid that has yet to be transferred to new ownership and is the most prominent vacant building in the Old Post Office district.
Hopefully the building will be purchased by a developer who can quickly get financing and begin working on restoring it to its former luster.