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Hotel Niagara auctioned off to Vancouver man

by TSchmitt
Wed, Apr 27th 2011 08:46 am

After 31 bids, the historic Hotel Niagara was finally auctioned off yesterday, and the buyer says he intends to plans to develop the property into a mixed-use space with condos and a hotel.

Thirty-year-old Jamil Kara of Vancouver purchased the property, which went into foreclosure from a previous owner.

Kara's background is in similar properties -- he recently renovated a building that once housed a newspaper in Hamilton, Ontario, and put 50 loft condos into the space.

He estimates the project will take about two years to complete and an influx of $10 million.

 

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