DUBUQUE, Iowa — The owner of a crumbling Dubuque landmark says a developer has offered to buy the 120-year-old building and transform it into apartments. But a representative of the developer says a litany of contingencies must be met before the deal is done, and a new engineering report suggests it’s too late to save some parts of the building.
The engineering report found that a portion of the former headquarters of Dubuque Malting and Brewing Co. cannot be salvaged and must be demolished at an estimated cost of $635,000 to $715,000, the Telegraph Herald reported (http://bit.ly/2cNq9lN ).
At an Oct. 11 court hearing, building owner Jim Krueger will be asked to show cause, including proof of financial inability, for not complying with a court order to stabilize, repair or demolish the building.
Krueger on Thursday said he has a signed contract from a buyer, whom he declined to name, who intends to invest $26 million to $30 million to renovate the building. A signed contract sent to the city lists the buyer as SLE Investments. Keith Wiggins, a real estate agent with the firm representing SLE Investments, told the Telegraph Herald that the contract could be voided by any number of contingencies, including results from a 60-day due diligence and inspections requirement.
“We’d like to move forward and we have a plan in place … but we don’t want to get the community’s hopes up,” Wiggins said. “It’s a beautiful building, and we want to keep that beauty and its historic character. We’re also still identifying housing needs in that area for rentals.”
The purchase and sale agreement lists the sale price at $40,000 and a closing date of Nov. 1. Krueger bought the property in June 2005 for $35,000.
Krueger was cited in late June for failing to have the building inspected by a structural engineer.
Officials say that the structure is in such poor shape that a block of a nearby street has been closed in the interest of public safety.
Information from: Telegraph Herald, http://www.thonline.com