DDA sets selling price for Nelson Building
At Thursday’s meeting of the Downtown Development Authority (DDA), members set a selling price for the Nelson Building.
Prior to setting a price for the building, members reviewed the money the DDA has invested into the building located in the 300 block of Water Street that was purchased in 2006. The figures presented showed the DDA had invested little more than 198,000 into the building, which includes its purchase for $43,000, roofing and architect work done for $90,000 and the recent stabilization renovations done for $65,071.
Members discussed a number of factors while contemplating a price for the building, including the current status of the economy and real estate market, various avenues for advertising the property and the possibility of gaining a profit from the sale.
After discussion, Tom Conger made a motion to set the price of the building at $198,000, which was unanimously passed.
During committee reports, Community Development Director Amanda Glover provided the board with an overview of the downtown economy, reporting two new businesses had come to the area, JP Cycles, located at 421 Planter St., and Gusie’s Consignment Shop, located at 320 Water St.
Glover said although two Water Street businesses had closed—Spinning and Cornwall’s—there are potentially six new businesses coming to the downtown area.
She said the owner of a hot-dog restaurant in Cairo, D.J. Walden, has already applied for a business license to open a similar business, Paw Paws Dog House, at 109 West Street; an antique and gift shop, Dragonfly, plans to open at 110 Broughton Street where the Book Nook was formerly located; a children’s consignment shop plans to open in a building on Broughton Street; a seafood restaurant, Captain Jacks, plans to open in the building where Cornwall’s was located on Water Street; there have also been inquiries into using two other downtown buildings for businesses.
Glover also gave an update on Phase II of the downtown Streetscape Project. She said the project plans have already been approved by the City Council and Department of Transportation (DOT) and they are currently waiting for the DOT to give approval to bid out the project. The project is for revitalization of the downtown street aesthetics, which includes the reconstruction of a number of sidewalks, benches and lamp posts.