You may notice a few more windows lit in the Theater District. The four second-floor apartments at the Pierce Building are now leased. Back in December, building owner Plaza Group dropped the luxury units’ rental rate from $2500 to $1500 and has quickly found takers. The attractive two-story terra cotta building is located at 653 Main Street directly across from Shea’s. Built in 1923, the property was recently restored as a mix of commercial and residential space.
”All of them are leased now,” says Ron Alsheimer, president of the Plaza Group.
Residential units range in size from 1,700 to 2,000 sq.ft. of living space, with two-bedrooms and one and one-half baths.
Pierce Building slideshow here.
“After a very lengthy process, we were able to obtain historic tax credit benefits for the Pierce Building. By passing this benefit through to our tenants, we have been able to lower the apartment rents to $1,500 per month, plus utilities,” according to Plaza Group’s Carolyn Murray.
City leaders have been encouraging the development of residential units to help revitalize and bring life to downtown. Some fear the units are only pulling tenants from elsewhere in the city. Not so at the Pierce.
Says Alsheimer, “All of the tenants are from the suburbs with one moving in from Manhattan.”
The ground floor of the building features 7,000 sq.ft. of first floor commercial space. 4,475 sq.ft. remains available.
Get connected: Carolyn Murray, Plaza Group, 716.874.4880
Exterior images by Mark Russell