New hope for downtown building
NORWICH – A city-owned commercial property at 42 and 44-46 North Broad Street has new hope now that the city has found a prospective developer with an interest in rehabilitating the vacant three-story buildings.
City officials are working with the developer – which currently remains nameless until negotiations are complete – and hoping to for a purchase option agreement in the near future. Proposals for use of the building include restoring the bottom floor for commercial space and utilizing the second and third floors for seven separate rental units.
Already, the potential buyer had engineers and architects offer recommendations and develop floor plans for the 4,740 sq. ft. and 9,534 sq. ft. properties and earlier this month, the city council approved the payment of $8,000 to the developer for the cleaning and securing of the two properties. Cleaning crews rid the structure of debris and dead birds, and secured holes and broken windows – a necessary undertaking for construction crews to work inside the building.
If a purchase agreement is reached, the new owner may be eligible for funding to rehabilitate the property through a new round of New York State Main Street grants. Past Main Street grants have helped owners in the city’s business district restore storefronts, make interior renovations and brighten up the downtown area. A third round of grant money in 2010 helped fully restore a city owned property on 24 East Main Street; hopes are for a similar undertaking with the two North Broad Street properties, according to Mayor Joseph Maiurano.
The city is currently in the application process for the new round of grant funding.
The signing of a purchase option would be a significant step forward. The properties were relinquished to the city last fall after undergoing tax foreclosure and since then, the city has sought proposals from anyone with the vision, experience and resources needed to restore the buildings for good use.
Slow economic upturn is partly to thank for interest from the potential buyer, Maiurano explained.
“Renovating a building doesn’t come cheap,” he said. “We went through terrible times with the economy. Now, people are looking to invest again.”
The mayor explained the city’s aim to find a buyer with a purpose for the buildings, noting city owned properties that were sold in past auctions only to be neglected by new owners. “In the long run, we end up with a lot of work with the police department, codes department, absentee landlords and slum neighborhoods,” he said.
He also spoke highly of having newly renovated apartments in the heart of the city, emphasizing the city’s recent efforts in maintaining decent residential quarters.
“We want to sell with a purpose for the building. You can’t just buy a building and let it deteriorate,” he added.
City officials are working with the developer – which currently remains nameless until negotiations are complete – and hoping to for a purchase option agreement in the near future. Proposals for use of the building include restoring the bottom floor for commercial space and utilizing the second and third floors for seven separate rental units.
Already, the potential buyer had engineers and architects offer recommendations and develop floor plans for the 4,740 sq. ft. and 9,534 sq. ft. properties and earlier this month, the city council approved the payment of $8,000 to the developer for the cleaning and securing of the two properties. Cleaning crews rid the structure of debris and dead birds, and secured holes and broken windows – a necessary undertaking for construction crews to work inside the building.
If a purchase agreement is reached, the new owner may be eligible for funding to rehabilitate the property through a new round of New York State Main Street grants. Past Main Street grants have helped owners in the city’s business district restore storefronts, make interior renovations and brighten up the downtown area. A third round of grant money in 2010 helped fully restore a city owned property on 24 East Main Street; hopes are for a similar undertaking with the two North Broad Street properties, according to Mayor Joseph Maiurano.
The city is currently in the application process for the new round of grant funding.
The signing of a purchase option would be a significant step forward. The properties were relinquished to the city last fall after undergoing tax foreclosure and since then, the city has sought proposals from anyone with the vision, experience and resources needed to restore the buildings for good use.
Slow economic upturn is partly to thank for interest from the potential buyer, Maiurano explained.
“Renovating a building doesn’t come cheap,” he said. “We went through terrible times with the economy. Now, people are looking to invest again.”
The mayor explained the city’s aim to find a buyer with a purpose for the buildings, noting city owned properties that were sold in past auctions only to be neglected by new owners. “In the long run, we end up with a lot of work with the police department, codes department, absentee landlords and slum neighborhoods,” he said.
He also spoke highly of having newly renovated apartments in the heart of the city, emphasizing the city’s recent efforts in maintaining decent residential quarters.
“We want to sell with a purpose for the building. You can’t just buy a building and let it deteriorate,” he added.
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