The Sioux City, Iowa, council decided to put off demolition for a vacant YMCA building after a representative of the company that owns the property proposed a renovation project for the site, a report by the Sioux City Journal says.
Paul Bernard, managing member of Concord, California-based Residential Equity Partners LLC, presented a $3.3 million project to turn the site into office space to council members. He said during the meeting that the company has two prospective tenants for the space.
Bernard present preliminary drawings to council and said the company will maintain and secure the property until a certain date it set for the project. The report says the project will take 18 months.
Residential Equity Partners purchased the vacant building in October 2015 for $4,148, the report says. The building has been vacant since 2009 and has changed ownership twice since then. A former owner gutted the building but was sentence to jail time for violating asbestos removal standards.
While Bernard said upkeep of the property can be improved, the company plans to close off possible entry points soon.
The report says Bernard claimed the building is still structurally sound and can be renovated. The item was deferred by council until Dec. 4.
Paul Bernard, managing member of Concord, California-based Residential Equity Partners LLC, presented a $3.3 million project to turn the site into office space to council members. He said during the meeting that the company has two prospective tenants for the space.
Bernard present preliminary drawings to council and said the company will maintain and secure the property until a certain date it set for the project. The report says the project will take 18 months.
Residential Equity Partners purchased the vacant building in October 2015 for $4,148, the report says. The building has been vacant since 2009 and has changed ownership twice since then. A former owner gutted the building but was sentence to jail time for violating asbestos removal standards.
While Bernard said upkeep of the property can be improved, the company plans to close off possible entry points soon.
The report says Bernard claimed the building is still structurally sound and can be renovated. The item was deferred by council until Dec. 4.
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