October 19, 2016
The Crescent Plaza Hotel in downtown Wichita Falls, TX has been sold to a partnership planning to convert the nine-story building into residential space. The building, also known as the Petroleum Building, had been on the market for years.
The property at 726 Scott Ave. was once the site of the Kemp Hotel, which was demolished to make room for a Holiday Inn. In the years following, the building underwent a succession of owners and names, eventually becoming the pay-by-the-week Crescent Plaza, which was shut down in 2011, and put on the market.
Will Kelty, one of the new ownership’s partners, indicated the first renovation step would be to clean the property’s first floor. Additionally, the building itself needs a great deal of work, he noted. Kelty is also involved with additional building investments in Wichita Falls.
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