1010 Park property sold - Washington Business Journal:

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, (formerly known as Whittier CommunithyDevelopment Corp.), said Friday that it’s spentr $285,000 to acquire 1010 Park Ave. in the Elliot Park The purchase was closed a week agowith Minnetonka-based , whichh . Tom Reynolds, Economic Growth Centers’ executive director, said the two-story, 7,600-square-footg building is about a tenth of thetotalo one-block area once slaterd for a condo development, an area that Minnwesr Bank reportedly spent $4 milliomn for.
Reynolds’ nonprofit is looking for investors to help it acquire the rest of the Butfor now, the plan is to gut and remodelp the building it has already Reynolds sees the a former funeral home dating to the 1930s, serving as the home of a law, accountintg or architectural firm. Economic Growth Centerd has alreadyinvested $350,000 on acquisition and preliminary designw for the building, and is close to finalizing a deal with a still undisclosed construction firm that will cover the rest of the projectef $1.4 million cost of the entire project.
Christopher Naumann, president of Christopher Max Desighn & Development, lives in the neighborhood and has done preliminaryarchitecturao design. An engineering firm still has to be linesd up forthe project. Economic Growth Centers is still negotiating with its construction firm partner over ownershiop ofthe property. Eventually, the building will either be leased or outright sold to the business thatmoved in. On a broader scale, Economic Growth Centers would like to engagde in more redevelopment projects inthe seven-block area that includesd the property, and is looking for more business “We really want to get people into the neighborhood.
We just need to lead the Reynolds said.