Downtown site on market for $1.3M
Downtown revitalization continues to capture the headlines - this time with a site already approved for significant redevelopment now for sale.
Property at 515 Howe Avenue is on the market for $1,398,000, listed by Fischer Commercial Real Estate. The listing states the property as approved for a 27-unit apartment building with two retail stores, plus an adjoining 8,470-square-foot retail building.
The location, presently home to Bomba Salon, Dee’s Kitchen and Shelton Thai Fusion, to name a few, has been approved for a 27-unit apartment building with retail space on the ground floor.
Alan Fischer of Fischer Commercial Real Estate, Inc, said the property is being marketed two ways - first, to redevelop into the apartment building you speak of or, second, to keep it as it is, which has more street retail, which would give a purchaser the option of generating positive cash flow sooner without the larger capital outlay that new construction would require.
The proposal for 509-515 Howe Avenue, which was approved by the Planning & Zoning Commission last March, involves demolishing a one-level building to make way for a five-story structure next to the old theater building, which the same developer owns and will remain.
A Planned Development District (PDD) was created on the 0.44-acre lot. Two retail spaces of 1,328 square feet each would be at ground level, with four residential floors above.
There would be 35 off-street parking spaces, including 18 spaces below the building, which is more that required for a residential project in the Downtown Business District zone. The developer also cited ample public parking on the street and in nearby municipal lots.