Bank of America has established a sale date of April 8 for the former Travelodge motel behind City Hall. Developer Heller Pacific converted the former motel a couple years ago into the RetroLodge, a collection of 50 live-work spaces. Those spaces can range from conventional offices to work environments where business owners can crunch numbers and develop ideas during the day — and then dream big at night in the same space. Naked Lounge Tea & Coffee and meeting areas are also part of the RetroLodge project.
Bank of America says the company owes $2.5 million for a construction loan in 2007. Developer Michael Heller says the partners are working with the bank to extend the loan and believes RetroLodge can still be a success. Now, just because a bank schedules a sale date doesn’t guarantee foreclosure — since a last-minute agreement is always possible.
