Sunday, March 28, 2010

Commercial Real Estate

We had an Open House yesterday in Gardiner to showcase the commercial real estate available. There are a few treasures and some big commitments of time and money. It was interesting to bring together the State Fire Marshal, Maine Historic Preservation, Realtors and business owners. I came away much more knowledgeable about what it will take to get some of these spaces utilized.

One of the buildings that would be among the larger challenges is also an amazing space- tin celings, wainscoting, and a grand staircase. Oddly the upper floors have not been touched since the 1950's. In fact there were newspapers up there dating from 1953. While it is selling for $160,000 for 4350 sf, it would take at least $100,000 just to bring electrical and plumbing up to date (not to mention putting in a sprinkler system). All of that work would qualify for historic preservation tax credits but it still means having the money to put in up front. It will require a buyer with vision. I imagine it becoming a boutique hotel. Anyone out there with a vision...and deep pockets?

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