The Vestcor Companies have purchased the old Roosevelt Hotel and Lynch building from real estate investor Sean McElvaney, the company announced Tuesday.
“Vestcor is very enthusiastic about plans for both these properties. We were established to provide and create quality, livable communities and both of these towers will allow us to not only help in the renovation of downtown alongside the mayor, but will also give us the opportunity to again produce safe, comfortable environments for couples who want to be close to their jobs and live in a more viable area of town,” said Vestcor president John Rood in a written statement.
Vestcor plans to renovate the Lynch building into 127 loft-style apartments. Plans for the old Roosevelt Hotel are similar, with 99 luxury apartments, retail, a restaurant and commercial office space.
Parking for both projects will be provided in a newly constructed parking garage, which will provide access to both buildings.
Vestcor plans to begin the renovations in the next few weeks.