The owner of 505-509 Main Street is looking for a long-term retail tenant for the property as he formulates redevelopment plans. Nick Giammuso purchased the one-story building in September for $188,000 joining a number of developer/investors on the once downtrodden 500 block. In the past few years, a half-dozen historic properties have been renovated or undergoing redevelopment. Several others are planned.
J.P. Fashions, the long-time tenant at 505-509 Main Street, recently closed. Giammuso says he has signed a martial arts academy for the building for the June 1, 2014 through May 31, 2015 period.
“That gets me through the Cars Sharing Main Street construction period,” says Giammuso. “However, I am looking for a long-term tenant for the space starting on June 1, 2015.”
The inside is being gutted now. All new mechanicals will be going in this week along. Construction crews will also tear off and replace the roof.
Giammuso has plans to expand the building.
“I do plan on adding two additional floors of apartments to the building in the future once a tenant is secured in the first floor retail space,” says Giammuso.
The building used to have three floors until the 1970’s and was home to men’s clothier Jacobi Bros. for many years.
Giammuso is asking $3,000 for entire 3,850 sq.ft. of commercial space. The space could also be divided in half at $1,600 per ‘side.’ The space is actually two buildings in one- 505 and 509 Main Street.
In a good sign for downtown, there’s been a lot of interest.
“I have had lots of potential tenants looking at the space from a women’s boutique, restaurants, an entrepreneurs educational center, to office space,” he says.
“It’s exciting to be a part of all that’s happening downtown,” explains Giammuso. “I’m not a big developer by any means but I see such a great potential downtown where I used to work running the Prime Seats box office in the 80s and early-90s. I’m just so excited to be a part of the action in the central business district.”
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