Developer adding condos above retail space
Last Updated: 16:12 January 20, 2014
The Riverside Group, of which Moser is the major partner, paid Tim Majors' Majors Investments LLC $2 million for the property, with Majors crediting back $500,000 to the buyers to help offset renovations the group had done in recent years, according to Gibbons-White Inc. broker Dan Ferrick.
Ferrick represented both sides in the sale, while Gibbons-White's Chris Boston also represented the seller.
With a restaurant, co-working space and events center already in place in the nearly 9,000-square-foot, two-story building, the next phase is to add two residential condominiums to the second floor, Moser said Monday. That construction could begin as early as June.
"We're going to keep in character with the original designs and keep it to two stories," Moser said, noting that the idea of adding a third floor to the 100-year-old building had been scrapped.
The lease with an option to buy arrangement, Moser said, was a way for him to do renovations needed to get the building in a state where he could finance the purchase.
Majors originally bought the gutted building, which includes an addition built in the 1970s, in 2009 with plans of opening an Australian brewpub. But he moved to Florida and decided to sell the property instead.
Moser and The Riverside Group leased the building with an option, and intent, to buy after two years. Moser said nearly $750,000 has been spent on renovations, including all new electrical and mechanical infrastructure.
"It gave us time to rework the building and bring it back without having to spend too much," Moser said of remodeling the building rather than tearing it down and starting over.
Agora Event Center and Fuse, a co-working space, opened there last year. Food at the Riverside, a restaurant, opened two weeks ago. An outdoor patio is shared by all three businesses, which all have minor ownership stakes in the building with Moser.
Plans for the condos, Moser said, still have to go through the design review process with the city. Included in them, he said, is a rooftop garden that will lend the condo residents some outdoor space. He said that addition will cost just less than $1 million.
The Riverside building has seen many uses in its history, starting as a candy store before converting into a photography studio. In more recent times, it was the site of several restaurants and bars.
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