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By the numbers
72,135: Total square footage of the office building at 4 W. Main Street, known to many as the National City Bank building.
$1.1 million: Clark County Auditor's Office appraised value of the building
$75,000: Reserve price for the building, which will go up for auction on Oct. 30.
$230,000: Estimated amount of money spent by the city to pay for sidewalk, curb and gutter repair at the property, which will be assessed to the owner after its completion.
36: Percentage of occupancy at the office building.
By the numbers
72,135: Total square footage of the office building at 4 W. Main Street, known to many as the National City Bank building.
$1.1 million: Clark County Auditor's Office appraised value of the building
$75,000: Reserve price for the building, which will go up for auction on Oct. 30.
$230,000: Estimated amount of money spent by the city to pay for sidewalk, curb and gutter repair at the property, which will be assessed to the owner after its completion.
36: Percentage of occupancy at the office building.
A historic downtown building will be auctioned at the end of October, according to the owner’s real estate broker.
The more than 72,000-square-foot office building at 4 W. Main Street, known to many in recent years as the National City Bank building, will go up for auction on Oct. 30. Auction signs were placed on the building last week.
The city hopes a new owner will invest in the building and bring tenants back, said Tom Franzen, assistant city manager and director of economic development.
“It’s an important building,” Franzen said. “The current ownership arrangement has been difficult. I think some of the current tenants have wanted to see some improvements made to that building, but the current owner has been unable to do that. It’s been unfortunate.”
Hannah Chartwell Commercial Real Estate, a national firm with an office in Cleveland, will handle the auction. The building is owned by Usha Desai LLC, according to Clark County Auditor’s Office records.
The property is 36 percent occupied. Tenants include the Turner Foundation and the Gorman, Henson, Veskoff and Weinberg law firm. Mobile Dogs Cafe is also located on the first floor.
The sale isn’t court ordered, said Mike Berland, principal and managing director of Chartwell Auctions. The seller is looking at an auction as an alternative marketing tool after having the property listed for sale for some time, he said.
“The owners have become time sensitive as opposed to price sensitive,” Berland said.
The reserve price has been set at $75,000. The Clark County Auditor’s Office has appraised the building at about $1.1 million.
The office building was built in 1900, according to auditor’s records. It was purchased by Usha Desai LLC in 2004 for $1.8 million.
“We think there’s great upside potential,” Berland said. “The location is terrific. There’s some excellent things going on around it.”
The building will open for inspections from 3 to 4:30 p.m. Oct. 15, 22 and 29, Berland said. For more information, call Berland at 216-360-0009.
The property will be sold on Oct. 30 at the traditional auction, he said, if the minimum bid of $75,000 is met.
Several tenants have left the building recently, including PNC Bank in December 2013. The downtown Springfield building had a banking presence dating back more than 100 years.
The Springfield Foundation also recently moved to 333 N. Limestone St.
The Center City Association is excited about what a new owner might bring downtown, Executive Director Bill Harless said. The building is in a great location near the downtown’s core block, he said.
“If we find a buyer that’s willing to bring in retail and other businesses, that’s great,” Harless said.
A one-year special assessment note for about $230,000 was issued by the city of Springfield earlier this summer to pay for sidewalk, curb and gutter repair at the property. After its completed, the costs will be assessed to the property owner.
Last summer, the city spent about $1.2 million on a streetscape project, which included converting Fountain Avenue between Columbia and Main streets from one-way to two-way traffic, as well as new brick pavers, sidewalks, decorative street lights and repaving of the road.
The building is also located next to the city’s proposed $5 million to $10 million parking garage that could be three stories and add 450 parking spaces. The city is currently using the site as a parking lot and is looking for money to build the garage.
Jeff Wade, owner of Mobile Dogs Cafe located inside the building, has operated his business there for six years. He’s tried to expand into a space next to his restaurant for two years, but said the current owners don’t want to rent more space.
“I’m hoping someone wants to come in here and do something with it and make a go of it,” Wade said. “I’ve got a lot of good food and a lot of good customers and I don’t really want to lose them.”
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