GREENSBORO, N.C. (WGHP) — The City of Greensboro has purchased the former Regency Inn property on North O. Henry Boulevard. Greensboro announced the purchase in a news release on Friday afternoon; bringing an end to a years-long saga on how to move forward with turning the property into a housing development. PREVIOUS: Greensboro officials to vote on acquiring Regency Inn property The now-vacant hotel sits at 2701 North O. Henry Boulevard and is currently boarded up as a result of vandalism and damage in recent years. The city plans to demolish the existing structure and "welcome proposals from prospective developers to create an active and vibrant location that serves the community." The demolition of the building is scheduled to begin on Oct. 28 and will take two to three weeks. People who live in the area and nearby businesses should expect to see heavy equipment in the area during this time. Greensboro will release a request for proposals for development at the site sometime between Monday, Oct. 28, and Friday, Nov. 1. Background In Nov. 2021, the city teamed up with the non-profit partnership homes, giving them a no-interest, forgivable loan of $3 million to purchase and redevelop the old site from Ceezee Properties into long-term supportive housing. Initially, the city believed the building, which was built in 1956, could be saved but learned later it must be demolished. In May 2023, the city linked with a group called Step Up Second based in California, and the timeline kept shifting with no work happening at the site. In Feb. 2024, council members were vocally frustrated at the inaction, sharing their confusion about why the city did not own the property. Partnership Homes offered to transfer the deed to the city that same month at a cost, while Step Up on Second asked the city for more money. In April, the city ended its partnership with Step Up on Second. The nonprofit is entangled in a multi-million dollar lawsuit in California. Asheville, Winston-Salem, Fayetteville and Wake County all ended their partnerships as well. Now, the city will vote on buying the deed from Partnership Homes and is set to pay them $210,500 to make up for paying for the insurance all this time and associated fees. “We are going to be taking back control of that property, which will allow us to move forward with a new partner and provide permanent supportive housing and affordable housing which we so desperately need in Greensboro,” Councilman Tammi Thurm said. Thurm and Councilman Zack Matheny agree that the city taking over the Regency Inn property is the right call. “Quite frankly, this is something I have been talking about for the past two years,” Matheny said. “Folks, what have we done? It’s incredible. I have never seen anything as poorly facilitated as this project,” Matheny said in February. After ending the partnership, Interim Manager Chris Wilson began looking for ways to solve the problem with Regency Inn and eventually landed on the city acquiring the deed. “This has been a bad deal from the get-go, but we have $3.2 million over there. Let’s get the asset and get some people housed,” Matheny said. Thurm says the $3.2 million covered the cost of the land and building, but property records show the cost was $2.75 million on Nov. 19, 2021. In the decision to acquire that deed from Partnership Homes, the city will owe Partnership Homes a bit over $210,000, which Thurm says will be recouped in the final project.