Friedrich Lofts

According to Patrick Shearer, Principal at Cambridge Realty Group who is representing the Seller, stated they were doing well in the telcom days and were buying warehouses and re-developing them into co-lo buildings for telcom users until the industry went through tough times and he was essentially stuck with this property.  Over the years they have attempted to convert to residential lofts and has successfully converted and leased approximately 20,000 square feet of office space.  While the converted office space is pretty cool, there is still a significant amount of space still available for re-development on the site.  As you can see, much of the interior is in disarray and would take considerable funds to convert.  Since the building was originally built to accommodate a growing refrigeration business, many buildings were added and then roofs put between them to make one large building.  The idea now is to possible remove those roofs and create more natural light for the the lofts and offices.  They then were able to apply for many different govt grants including Historic and the City created a TIF district as well.

Here are two examples of the TIF dollars that bought these benches that sit on the newly constructed sidewalks next to the new lamps poles up and down the street.  You can see the development is beginning to come along as evidenced by the new hotels and businesses popping up along the street.