Thursday, March 5, 2009

Yet Another Failed Loft Attempt

130 North Patterson is perhaps an example of how difficult it is to really do adaptive re-use, even at a primo location. In this case about a block from 5/3 Field.

Yer humble host blogged on this building before, back in January of 2008, when it looked like a blues bar was going to open here. Which seems like it would be a good location, next to Southern Belle and Canal Street Tavern: call it Tobacco Row as these buildings used to be involved in the 19th century Dayton tobacco trade.

But there is quite a history prior to last years attempt at a nightspot. Chronicled by the excelled DDN archives, where this is sourced from:

Prior to the loft era the building was a branch of Etmans photo developing, which went out of business in 1999.

The Gem Cafe and Loft Apartments

The June 9 2001 DDN announced that this building was bought by a company made up of the Bickley family, who was planning on opening the "Gem Cafe & Bakery", selling muffins, sandwichs, scones and coffee on the ground floor and moving their insurance claims business from Poe Avenue to the second floor in early 2002. The top two floors would be loft apartments.

After this announcement there was nothing.

Lorenz Properties

The Dec 5 2003 DDN broke new news on the building. Former Daytonian Weston Lorenz (of the Lorenz publishing house) had returned from 10 years in NYC, where he dabbled in smaller scale loft renovations, had formed his own development company, and was buying the building.

The plan was to make the building more mixed use, with a restaurant of the first floor, a drinking establishment and offices on the upper floors, with perhaps loft apartmetns on the top floor. The paper updated the story on 22 May 2004, reporting that Sharp/Conway Architects where planning on moving from West Carollton to the top two floors.

After this report there was nothing, until the blogging I did last year on Riff Raff.

Taking a look at the auditors records, one can see the chain of ownership:

Etmans sold to "All-Service Appraisals Inc" on 6 June 01, just before the DDN 9 June article on the Bickley's plans for the building. So perhaps All-Service was the Bickley's holding company?
Sale price was a very cheap $175,000.

Then, on 16 Jan 04 the building is sold to Lorenz Properties LLC, presumably Weston Lorenz's development company, for $265,000, meaning All Service made $90K on the building.

Lorenz Properties then sells the property to Geoffrey Lorenz on 1 Nov 2006 for $260,000, losing $5,000 on the building (depending what else might have been lost in aborted construction, if any).

Presumably Geoffrey Lorenz leased the ground floor to the proprietor of Riff-Raff. Or maybe he is the proprietor of Riff-Raff

I was kind of looking forward to that bar opening. Oh well.

You have to wonder if this building is jinxed somehow, becuase on paper this has great potential.

1 comment:

Anonymous said...

Lorenz dropped development plans and became involved in an established drinking establishment. Co-owner of Yellow Rose since 2005.