Gainesville development firm signs contract to buy historic downtown hotel for $400,000

Managing Editor

Executives from a Gainesville-based development firm have signed a contract expressing their intentions to purchase Thomaston's historic Hotel Upson for $400,000.

The contract, signed June 6, is between Hotel Owner Andy Bickley and Drew Locher of Bay Lake Development Group, LLC.

The seven-page document provides for a 90-day "due diligence" period in order for the purchaser to inspect the property and "confirm the suitability of the site for the proposed development."

Although the contract further states that "closing of title of the property shall be on or before Jan. 2, 2006," the document does not become binding until after the 90-day period.

Under the terms of the agreement, Bickley received a $6,000 deposit with another $36,000 payable when the development firm makes a final decision.

The remaining $360,000, under the terms of the agreement, is to be paid at closing.

Bickley said he believes the building has too much historical value to be torn down.

When asked what he thought about the pending sale, Bickley said he would prefer if comments came from the new owners, rather than him.

Attempts to reach Drew Locher with Bay Lake Development were unsuccessful.

Thomaston Architect David Tyler has drawn plans for renovation of the building, and Thursday suggested the building be developed as a combination of residential and office space.

"I've been trying to market the building as office space and have seen some interest," Tyler said. "I had a man come down from Atlanta just the other day and express interest in having offices there."

Tyler suggested that the first two floors be office space while the upper two stories be developed into condominiums.

"We really do need something down there," he said. "Everybody would be much better off."

The building was set to be sold Feb. 1 on the courthouse steps, but the foreclosure was stopped when Bickley's Lake, Inc. filed a petition in U.S. Bankruptcy Court, keeping the company which holds a $200,000 note on the building - Hotel Upson, LLC - from foreclosing.

The once grand hotel has changed ownership many times since its opening in 1928. Originally owned by R.E. Hightower, the structure was purchased by John and Hilda Andrews in 1958. They owned and operated the business for more than three decades. Rampart Realty purchased the property in 1998 at a selling price of $225,000. After some minor renovations it was then sold to The Sack Company for $100,000. Sack only had ownership one year before selling the property to Bickley's Lake Inc. in 2003.