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Lafayette returns.

Lafayette Returns

Is the 66-year-old Lafayette Building about to have a new owner?

Skeptics say they'll believe it when they see it.

The Federal Deposit Insurance Corp. has been trying to sell the 127,000-SF office building for what seems like decades. But the would-be buyers always evaporate when it comes time to put the money on the table.

At last report, minimum bids for the onetime hotel began at $1.5 million. That has the makings of a bargain -- except the building is half-empty.

Insiders note that a scrap metal dealer in Jonesboro had this piece of downtown Little Rock under contract for less than $3 million awhile back with the intention of flipping it for more than $3 million.

Nice plan.

Problem was potential buyers didn't like the numbers at less than $3 million, let alone $3 million-plus.

Who's trying to buy the Lafayette this time?

Jimmy Winemiller and Dick Flowers, two Quapaw Tower residents, are the names mentioned by insiders.

But Flowers said he didn't know anything about the deal when we talked with him a couple of weeks ago.
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Title Annotation:Lafayette Building to be sold by Federal Deposit Insurance Corp.
Publication:Arkansas Business
Date:Jul 1, 1991
Previous Article:Lib's lake.
Next Article:Kicking tires, my foot.

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