Smith County Finalizes Sale of Carlton Hotel
Posted/updated on: January 13, 2018 at 4:33 pm
TYLER – The sale of the old Carlton Hotel by Smith County has been finalized. The 90,000-square-foot facility remained vacant for years. Tai Ly purchased the building for $537,500. Burns Commercial Properties LLC was the broker for Smith County on the sale. Closing documents for the sale were signed on Friday.
According to the contract, the buyer agreed to make improvements to the property within 36 months after closing. The total costs of the improvements must be at least $1 million, including demolition costs and fees of architects and engineers. Within 90 days after closing, the buyer agreed to apply for any permits. Construction should start within nine months of closing; and within 18 months of closing, the buyer should have paid at least $650,000 of the improvement costs.
The building, at the corner of South Broadway and Elm, opened over 60 years ago. It was bought by the county in 1977. The last county office moved out, for better facilities, over four years ago.
