West End Building sale moves forward
Developer Nick Bunick has until Tuesday to deliver $250,000 deposit
Local businessman Nick Bunick agreed this week that inspection and financing contingencies for the sale of the West End Building have been satisfied, and he now has until Aug. 12 to come up with a nonrefundable $250,000 deposit.
Lake Oswego Redevelopment Director Brant Williams confirmed Wednesday that Bunick signed the contingency documents on Tuesday, two months after the City Council approved a purchase-and-sale agreement with the developer.
The city will have 60 days to close on the sale, Williams said, meaning on or before Oct. 4.
In April, Bunick offered $20 million in cash for the 80,000-square-foot building, which sits on 14 acres at 4101 Kruse Way, as well as an additional 1.3 acres. He made the offer shortly after negotiations with San Francisco-based Kensington Investment Group which had offered $16.5 million fell through.
Bunick plans to use the building to house The Great Tomorrow, a nonprofit corporation that would include administrative offices for a child abuse resource organization; offices for a program to combat hunger and to provide education for children in Southeast Asia, primarily Laos; and the headquarters of a research group hes calling the Kruseway Cancer Treatment Corporation.
In June, Michael Nobel, former chairman of the Nobel Charitable Trust and great-grand-nephew of Nobel Prize founder Alfred Nobel, accepted Bunicks invitation to sit on the board of the Kruseway Cancer Treatment Corporation.
The former site of a Safeco Insurance office, the West End Building currently costs the city about $1.5 million a year in loan payments, maintenance and operating costs.