LINCOLN- One of Lincoln's largest downtown office buildings is being sold again after attempts to redevelop it fell through.

Gerard Keating of Keating Resources said that he has a deal in place to sell the Gold's building at 1033 O St. to Mike Works, a Lincoln-based hotel developer.

"Keating Resources is proud to have played a role in repositioning (the) property for its next life," Keating said in an email. He declined further comment.

Keating, who lives in Florida but is a Nebraska native, bought the building out of foreclosure for $2.3 million in December 2019.

His original plan was to turn the northern half of the building into a 110-room extended-stay hotel while remodeling the southern half of the building to provide better, more modern space for existing office tenants.

The coronavirus pandemic sunk the hotel plans, and Keating agreed early last year to sell the building to an investment group led by Jeff McMahon, a University of Nebraska-Lincoln graduate and former managing principal of RED Development, the company that owns SouthPointe Pavilions.

McMahon's group wanted to redevelop the building into about 180 apartments in a $50 million redevelopment, but that deal fell apart this summer when the project failed to get approval to use historic tax credits.

Keating said after that setback that he planned to demolish the building.

The sale will mean the building will be saved, but beyond that Works said he doesn't have many details to offer, other than the fact that he does plan to convert part of the building to apartments and hopes to attract some "interesting" retail and/or restaurant tenants.

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