NACOGDOCHES, TX (KTRE) - The top talk in Nacogdoches is still the potential sale of the Hotel Fredonia. On Friday, East Texas News reported that restaurateur Richard DeWitt has entered into a due diligence contract to assess the expenses before committing to a purchase.
The rumor had been circulating for some time, but those in the know were held to secrecy. Now they can finally share a bit more of what they know.
Economic developer Nancy Windam is accustomed to keeping business deals confidential. She accomplished it with Hotel Fredonia, despite the challenge.
"It was very exciting and very hard to keep a secret, but that's what we do," Windam said. "That's part of our job."
Richie DeWitt, still wants confidentiality as he negotiates the expenses that bankers say add up to over $6 million. The restaurateur did say Friday his potential purchase of the Hotel Fredonia is based on emotions more than business sense. That could be a plus.
"It doesn't just take the money, it takes a lot of time and passion," Windam said. "If anybody has the heart and the soul and the want to, the desire to make that be successful, they can."
That could lead to success for other businesses. The Wettermark Bank Building located on Main St. went on the market at the end of 2014 with numerous offers.
"We're really excited that there has been a contract put on it for a 90-day feasibility study to hopefully be a restaurant," said Sarah O'Brien, Nacogdoches' Main Street director.
And Dolly's Diner will host Main Street directors this week followed soon by a public opening.
"Most smart business owners know that is what is good for one location is good for another location," O'Brien said. "And a lot of times a similar type businesses help grow on each other."
Feasibility studies are underway, and a preservation tax credit was unveiled last month. Hotel Fredonia could receive yet another opportunity to shine.
DeWitt said he may find out what he needs to know to make a purchase decision way before the 90-day due-diligence period ends in May.