The historic Petersburg Hotel has been sold to the Richmond based Monument Companies. They’ll spend $6 million to turn it into apartments.
Mayor Sam Parham noted that the city has more than 300 parcels of property still for sale.
"When we get a property like the Hotel Petersburg sold, it goes back on the tax rolls ..brings us tax revenues .. gives us that energy that we need as we continue to heal and rebuild the city."
The six story hotel opened in 1915 and has an impressive marble lobby staircase and other classic design details throughout.
"I’m happy that Monument will be able to use historic attributes that the building still has and make it into up scale apartments."
The hotel is in Old Towne Petersburg and, the Mayor said, with 90% occupancy in that area more living space is a plus for Petersburg.