Building sale is close to closing

Published 12:00 am Friday, September 20, 2002

The sale of the Professional Building should be finalized next week, said a city official.

Attorneys for both the city and the buyers – Marathon Development Group and the Wright Company – are expected to do a final review of the signed sales agreement within the next few days, said Elizabeth McCoury, downtown development coordinator.

The firms are purchasing the six-story, 25,000-square-foot building at 100 N. Main St., as well as two adjacent office buildings at 120-122 East Washington, for $200,000, McCoury said..

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Built in 1919, the building, which is listed on the National Register of Historic Places, has stood vacant for more than a decade, she said.

The building’s new owners will be investing an estimated $2million in renovating the building during the coming year, McCoury said.

The School Board has committed to leasing approximately 90 percent of the historic landmark for its administrative offices. The first floor will probably be leased to a restaurant, she added.

Efforts to reach Buddy Gadams of Marathon and or Bobby Wright of the Wright Company were unsuccessful.