SPRINGFIELD — The prospective buyer of the former Executive Inn site in Springfield has backed out.
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The city announced that ODW Management has terminated its purchase of 325 West Columbia Street.
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“The company indicated that business timing considerations could not be resolved within the current due diligence period,” the city said in a media release. “To avoid delaying future redevelopment opportunities, the purchaser elected to terminate the agreement and has expressed interest in reconnecting with the City should the site remain available in the future.”
The Executive Inn property was originally purchased by the city to be used as short-term housing for the homeless.
Wawa was eyeing the property, but ultimately backed out.
The city then decided to demolish the building.
The city is now preparing to remarket the property.
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