The windows are all boarded up and the walls are stained on the empty, two-story building at 1425 8th Street.
But where some saw termites, moldy walls and a money pit, others saw potential. Perhaps even a future that preserves the story of the Black people who found refuge there as one of southwest Florida's only hotels for African-Americans during the segregation era.
With the help of a coalition of historic preservation experts, philanthropists and local activists, Anand Pallegar, founder of DreamLarge, bought the century-old building for $700,000, in a deal that closed earlier this month, he announced Tuesday.
"What we found was a way to basically subdivide the site and protect the Colson, while still allowing them (JDMax) to develop what would be the east side of the parcel with the townhouse concept that they came to the table with to the city," Pallegar said.
Maximilian Vollmer of developer JDMax had recently bought the Colson and surrounding parcel and sought a permit from the city to demolish the 2,500-square foot building, saying it was not worth the cost to repair it, and he had not been aware there was a historic structure on the site when he purchased it.
Pallegar, who has acquired and renovated other buildings in the Rosemary District, just north of Sarasota's downtown, disagreed.
"If you look at the studies that were done by the Alliance for Historic Preservation, if you look at some of the other case work that we have in the neighborhood, it's definitely a salvageable building," said Pallegar, whose corporation DreamLarge focuses on community development.
"It could very well be another hotel. It could be a community center. It could be a jazz club. It could be any number of things," Pallegar added.
Sarasota's city commission denied Vollmer's request to demolish the building earlier this year.
Kyle Battie, a city commissioner in Sarasota, said he was "elated" to learn of the purchase.
"I think it is incredibly wonderful news to be able to preserve and save a piece of the history of Overtown and especially Mr. Colson's property being the pioneer that he was," said Battie.
The Colson was the first Black hotel in Sarasota, named in honor of one of the city's early settlers, Reverend Lewis Colson, who lived as a slave before moving to Sarasota in the late 1800s as a free man. Colson died in 1923.
Pallegar said he would like to see the Black community eventually take ownership.
"We need some philanthropic support to ultimately shore the building up and get it in a conveyable state so a future entrepreneur could take possession of it in whole or partially and ultimately operate a new business out of it," said Pallegar, who is also the CEO of Sarasota Magazine.
Barry Preston, who serves on the the board of the Sarasota Alliance for Historic Preservation, said he got involved with the effort to save the Colson from demolition about a year ago.
"What we saw is that this is a really important piece of the history of Sarasota, and particularly the Black community," Preston said.
"Bringing it back in the life of community is going to be very challenging. We paid too much money for it. But the choice was, either do that or it was going to get torn down," Preston added.
"There are some interesting opportunities out there. But to make that possible, we would need to find some funds to buy down the purchase price and and also to at least stabilize the building, which is in reasonably terrible shape right now," said Preston.
The Gulf Coast Community Foundation is helping with funding for restoration, but Pallegar said more philanthropic help is needed.
Oversight of the restoration will come from a newly formed Community Development Corporation (CDC), made up of several local leaders including Pallegar and Preston.
The CDC is the first of its kind in Sarasota, but Preston said such entities are commonplace in Rhode Island, where he lived and worked for many years.
As Preston described the CDC's role, its goal is to "secure the funds to stabilize it, and then find a way to to pass it on to someone who will then finish the restoration and operate it."
The CDC also intends to secure a historic preservation easement on the property, to maintain its status for years to come.
Sarasota vice mayor Debbie Trice said she applauds the effort.
Pallegar is "preserving history by putting the buildings to productive use," said Trice, pointing to his purchase of other buildings in the Rosemary District which have been restored and used for offices and local businesses.
She said she hopes the hotel, whatever it becomes, will draw tourists to Sarasota and teach more people about the city's Black history.
"A lot of people do not realize that the Rosemary District is Sarasota's original Black neighborhood," she said.
"So I would like to use those buildings to form the backbone of an African-American heritage tourism destination," Trice added, "drawing upon a national audience, bringing them to Sarasota."
Pallegar said he is eager to hear from potential owners and entrepreneurs.
"Ultimately, I think what may result is an RFP (request for proposals) that we put out into the community to see what potential uses and ideas to vet for turning it over," Pallegar said.
"Because I think it is when we reach that point, it will be a tremendous asset for whoever ends up ultimately getting it," he said.
