Fourplex In Superior Is Selling For One Dollar, But It’s Not That Simple
The buyer will have until June 30th to move the structure.
SUPERIOR, Wis. – A fourplex housing unit in Superior is now up for sale for one dollar, but city officials tell us there is one catch to buying the four-unit structure.
The lucky buyer would have to move the structure from its current location.
Right now the building sits on the site planned for the new Cobblestone Hotel on Ogden Avenue.
Developers are expected to break ground this summer.
The structure can no longer stay in its place, which means the developers of the hotel could potentially tear it down.
City officials say with housing continuing to be an issue in Superior, they want to find every way possible to keep potential housing options available.
“There is a waiting list for affordable housing is as long as our arm,” said Housing Coordinator Jeff Skrenes. “We’ve got the ability to preserve four units for people. Those units will get filled almost immediately because the need is so great.”
City officials are also offering land on an eligible city-owned lot to go along with the fourplex for the discounted price.
But there are a few requirements.
Potential buyers must demonstrate they have the finances to take on this big job.
An estimate shows it could cost at least $65,000 to move the structure from its current lot to another.
The buyer would also have to put in money to restore the building back to a liveable standard under the guidelines of the Vacant Home Restoration Program.
Those renovations could add up to an additional $200,000.
Although the structure could be sold for one dollar, potential buyers will have to bid on it first.
Bidders will have until March 12th to put in their submissions.
Once a buyer has been chosen, they will have until June 30th to move the building.