The development team that plans to rehab the Monroe Building (Record Theatre) acquired the remaining portion of the complex, located just south of Lafayette Avenue. The group is led by Jason Yots of Common Bond Real Estate LLC, along with Mike Puma and Derek King of Preservation Studios LLC, as well as Rich Rogers and Travis Gordon of Urban Vantage LLC.
The purchaser, 1762 Main LLC, acquired the three-building complex and adjoining parking lot from The Estate of Leonard Silver for $200,000. Todd Danni of Envision Real Estate brokered the sale late last week.
Plans call for the rehabilitation of the roughly 14,000 square complex as offices and support space for Common Bond, Borrelli & Yots PLLC, Urban Vantage, Common Owner Portals LLC, and multiple soon to-be-announced community groups. The developers also hope to introduce food retail to that block of Main Street in at least one of the restored storefronts. “As we noted in the past, that area is a bit of a food desert and the nearby neighborhoods and colleges seem ready for some new options in that direction,” noted Urban Vantage principal Travis Gordon.
The ownership group will be joined by EBD Holdings LLC an affiliate of Empire Building Diagnostics, which will act as a major subcontractor for the project. “With EBD on the team and BRD acting as our general contractor, we feel well-equipped to quickly tackle what should be, for us, a fairly straightforward historic rehab project,” stated Preservation Studios principal Mike Puma.
With their $6 million adaptive reuse of the Monroe Building slowed by the COVID-19 virus outbreak, the development team plans to make quick work of the companion project to the south. “We view it as an opportunity to reunify the Record Theatre campus, to make new homes for our growing affiliates and to stay busy while we wait for lenders and investors to return to the market for our larger deal across the street,” said Common Bond President Jason Yots. Construction will start this summer, with completion of the project expected by early-2021.
A follow-up post will delve into the surprising history of both buildings that the team has uncovered.
Entry Image: 1762-66 prior to the current Dryvit covering