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The 75-year-old building has been mostly vacant and falling into disrepair since 2008. City officials said earlier this year it needs an entirely new roof and there's significant mold and rust throughout the walls.
In 2020, the National Trust for Historic Preservation placed the Terrace Plaza Hotel on its list of the 11 most endangered historic places in America.
The Terrace Plaza building in downtown Cincinnati is officially under new ownership.
The 74-year-old modernist Terrace Plaza Hotel was sold to an Indianapolis developer after years of deterioration and legal setbacks.