The Boston Business Journal reports the bank holding the mortgage on the long-shuttered Ciao Bella property at 240 Newbury St. has scheduled a foreclosure auction for the property.
Joseph Cimino, who says he's been renovating the building since 2011, recently told the Boston Licensing Board he had a tentative agreement with Suitsupply, which wants to lease the space for a men's clothing store with a liquor-serving cafe.
The Journal quotes Cimino's lawyer as saying he's optimistic the deal can be fixed through refinancing, rather than Cimino losing the entire property.
Cimino and his lawyer have repeatedly gotten extensions from the licensing board to hold onto Ciao Bello's valuable liquor license by saying what they'd thought would be a $3-million renovation turned into an $8-million money pit because of unexpected structural problems and dealing with sometimes conflicting demands from local officials on maintaining the building's historic nature while also installing an elevator to serve customers with mobility problems.
The two most recently appeared before the board on Jan. 14.