You’re probably not going to see an oversized FOR SALE sign stuck into the gridiron or hanging down from the side of the South Bend Marriott.

But the College Football Hall of Fame next month will be listed for sale nationally, opening the property up to a much wider audience than it has been marketed to so far.

And the Marriott Hotel property will be sold, which means a new operator in time will hang a new banner on the prominent building that connects to the Century Center convention center.

• Heidi Prescott

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What remains to be seen is how these imminent ownership changes — question marks or unsolved mysteries at the moment — could create a renewed sense of vitality and energy for downtown South Bend.

Not everyone is convinced this will happen, but there are many optimistic city officials, business leaders, and residents waiting to hear who purchases the hall and what brand of upscale hotel replaces the Marriott.

Selling the hall

“Several people have said this is a white elephant and a strange building,” says Tamara Nicholl-Smith, the city’s director for downtown business recruitment. “But we’ve spoken to several local companies and organizations that expressed an interest, and one of those companies is still in the game.”

Nicholl-Smith believes the hall will become a multitenant center with one tenant serving as the master lease holder and one or more additional tenants signing on to sublease smaller spaces.

When the hall appears on national real estate listings, the starting asking price will be $2.68 million, which is the average of two appraisals completed on the building in December and February.

City officials are working to refinance the remaining amount of the bond, about $8.5 million at the end of 2010, as a taxable bond. This change would not only lower the annual bond payments (the bond will be paid off in 2018), but also allow a property-tax paying tenant in the building.

It would open up potential uses at the Hall of Fame to offices, retail and restaurants, educational services, museums and other businesses, Nicholl-Smith says, as opposed to being restricted to a not-for-profit use.

No matter the future tenant or tenants, there has been a consensus and commitment to retain the gridiron as open green space for public use much of the time.

“What will separate one interested party from another is their commitment to being civic-minded,” Nicholl-Smith says. “In the beginning, groups wanted to do more invasive changes. Now more people want to make the building work for them. It’s up to us to make sure it doesn’t go dark.”

The hall is scheduled to close in August 2012 if a new owner is secured; otherwise it could remain open through the end of 2012.

Replacing the Marriott

The hotel brand selected to replace the downtown Marriott could bring new excitement to the city center, especially, some think, if the name is new to the market.

The new hotel brand must be one of 28 upper-upscale chains or upscale brands. City and 1st Source Bank officials, who are located in the building, are expected to offer input. 1st Source officials did not return messages asking for comment.

The list includes brands such as Doubletree, Embassy Suites, Hilton, Westin, Sheraton, Hyatt Place, Wyndham Hotels and others.

So far, the brand that has been mentioned most in local conversations as well as with hospitality industry officials is Doubletree by Hilton. That’s the chain that hands one of its signature chocolate chip cookies to guests at the check in counter.

The hotel has not been confirmed, however, and Host Hotels Resorts, of Bethesda, Md., which currently owns the building, did not return calls last week from a Tribune reporter.