Professional Building for sale at #036;200,000

Published 12:00 am Wednesday, September 25, 2002

Staff report

The Suffolk Industrial Development Authority has contracted to sell the long-vacant Professional Building on N. Main Street for $200,000, according to a press release from the City of Suffolk.

100 North Main Street L.L.C. will join with the IDA in a $3 million renovation of the 83-year-old building. Work is expected to begin in 90 to 120 days, according to the release, and is expected to be completed in the fall of 2003.

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The Marathon Development Group, Inc. and The Wright Company have engaged in the last 24 months over $25 million worth of historic renovations.

Hourigan Construction Corporation and Rodriquez, Ripley, Maddux and Motley Architects will play a vital role in this historic renovation. The team will convert the seven-story, 24,766-square-foot building into an office building with a full service 100-seat restaurant occupying the ground floor.

The Suffolk School Board has agreed to lease the building for administrative offices.

&uot;I am extremely pleased with the renovation plans for the Professional Building in keeping with the Downtown Initiatives Plan&uot; said John Harrell, Chairman of Suffolk’s Industrial Development Authority. &uot;This new office space and restaurant will really invigorate downtown Suffolk and keep up the momentum of new capital investment in the core city.&uot;

Marathon Development will use state and federal historic tax credits to renovate the building, which has been vacant since 1993. The project will also qualify for state and local enterprise zone incentives.

&uot;This project will not only contribute greatly to Suffolk’s downtown revitalization effort but will set a high standard for all future downtown projects&uot; said Buddy Gadams of Marathon Development Group, Inc.