An auction set for today could breathe new life into two dilapidated, high-profile properties on Broad Street.
Dempsey Auction Co. plans to sell the former Cotton Block park site at Second Avenue and the old Top Hat building at Third Avenue today at 10 a.m. The auction takes place at the Top Hat site, 300 Broad St.
“We’ve had a good bit of interest in the properties,” said Russell Rogers with the auction company.
“We have shown it to a lot of people. We are looking for a good outcome and hope to have a successful sale.”
Ira Levy owns the old Top Hat site.
Levy had planned to demolish an aging building on the property and replace it with two-story townhouses above street-level retail shops.
But he decided to sell the site after the Historic Preservation Commission rejected his demolition and development plans for the third time.
Board members had voiced fears of having a long-term void in the downtown streetscape without a definite construction timeline in place.
Levy also shares ownership of the Cotton Block site, where a massive trench has remained in the ground for more than two years.
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At one time investors planned to build an apartment/restaurant complex at the corner with Appalachian Grill as a tenant.
The restaurant deal fell through by February 2006, and the property has sat idle since.
Ann Arnold, director of the Downtown Development Authority, said the auction presents an opportunity for new owners to redevelop the run-down properties.
“We don’t know what the future holds, but it certainly is going to give us the opportunity to breathe new life into those properties,” she said. “I am just excited about the possibilities.”
