Dayton Daily News, May 2, 2018: Michael Heitz, a Louisville-Ky.-based developer, has bought Hara Arena, Heitz said Wednesday. Heitz said he bought the income tax liens from Montgomery County and hopes to close on further liens from banks on Friday. Asked about his plans for Hara and its 120 or so acres of property, he said: “No 1, clean it up and secure the property.” He declined to say what he has invested in the site thus far. The Dayton Daily News reported in March that Hara property owners-trustees owed back taxes and around $350,000 to banks. Heitz typically buys distressed properties and gets them “shovel ready” for users. He said he plans a Monday afternoon press conference to discuss his purchase and his plans. Hara closed in 2016, taking with it a $36 million annual economic impact and decades of memories. ———————————————— Don’t count on Hamvention moving back!
Maybe so. The thing is, scrape off could end up costing as much as rehab, given the possibility of all kinds of contaminants on site. The property itself is in a challenged part of town, and, if unimproved, may not be worth what the buyer has already put in. Rehab may be possible but then what? There is a limited market for concert and event venues, and there are many other nicer places around. This guy comes in with a reputation for making poo into gold, so maybe he can do something. Or maybe he can use a big tax write-off. I wish him luck. As for me, if I had that kind of cash to play with, I'd look at something else. Maybe a nice QTH....
