The getting older Royal Palace Motel on Colorado Boulevard was bought for $7.3 million on Tuesday, in accordance with property data.
The acquisition was made by actual property agency Laramar Group a decade after the motel was shut down.
Inbuilt 1969, the Royal Palace was dogged by reported crimes and unsolved murders. Laramar Group plans to construct a six-story condo constructing on the one-acre web site with at the least 153 models, in accordance with metropolis data.
Some residents on close by Colfax Avenue hope the brand new growth gained’t result in the demolition of the motel’s neon signal. Aaron Stephens referred to as the signal a metropolis landmark and mentioned it ought to be preserved.
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