Augustine Development Group purchased the building—now designated a local Historic Landmark—in October 2019 for
$3.7 million, with plans to invest more than $30 million in the redevelopment of the property. The developer announced
plans to renovate the 18-story, 165,000 square foot building to include a 21,000-square-foot grocery store, 140 market-rate apartments and a 10,000 square foot rooftop restaurant, lounge and pool. The Developer proposes to construct a structured parking facility to serve the needs of this property as well as the redevelopment of the Ambassador Hotel and apartments along the same street. The development is projected to create 100 jobs over 14 months.
Investment: $31.7 million