The building that was to become a jazz club is no longer structurally safe and developers are ready to cut their losses on the project.
Redevelopment Director Peter Pelissier reported to the Redevelopment Agency earlier this month that Ronald Esposito, an attorney representing E.T. Building, LLC, said the property is plagued by multiple problems: the building is structurally unsafe, plumbing has been ripped out due to theft, and a leaking roof has created water damage. The building has no value but RSI bank still is owed some $400,000 on the mortgage, he said.
Should the bank take the property in foreclosure, Pelissier said the Parking Authority could negotiate with the bank to see what the best use of the property might be, most likely as parking since it’s needed in the area of Seminary Avenue and Irving Street area.
The Redevelopment Agency last year granted Esposito’s request to lift a restriction that the property be developed specifically as a jazz club. For years, the former Kelly’s Pub site was slated to become KC Jazz restaurant, receiving Planning Board approval in July 2007.