Transfer of debt approved for Newcomb

Wednesday afternoon, the City of Quincy's Economic Development Loan Committee approved a request that will bring the Newcomb Hotel one step closer to a revival.

A Chicago developer has shown an interest in the property.Our news partner WTAD reports that during an almost hour-long executive session, committee members discussed financing with a representative of a consulting group working with 3 Diamond Development.

That group wants to turn the five-story structure into a 98-unit assisted living facility for seniors.Committee members voted to approve a transfer of debt owed to the City on the Newcomb.Victor Horowitz, the previous would-be developer, and his company Newcomb Realty LLC currently owe Quincy more than $487,000.