Investors are expressing interest in two Government Street properties for sale across Government Street from Electric Depot, one of which is listed as having a sale “pending.”
Both properties have been on the market for at least eight months, one for roughly a year. But with Red Stick Social opening in the Electric Depot development in the coming weeks and Downtown East recently being designated a historic district, investors are eyeing the buildings as potential sites for redevelopment.
One of the properties—a 6,810-square-foot space located at 1606, 1608 and 1610 Government Street—is also within an Opportunity Zone, meaning buyers should be able to stack Historic Tax Credits and Opportunity Zone incentives to redevelop the property.
Listing the building for a $325,000 sales price is Robert Pettit of Walters & Pettit Commercial Real Estate, who says The Market at Circa 1857 is currently using the space as a makeshift storage unit.
“It could be anything from a retail space to a unique open floor plan office,” Pettit says. “We have it listed for sale for someone to come and redevelop the property and then lease it out to tenants, or use it themselves.”
He says the buildout of the Electric Depot mixed-use development is spurring more investment than the corridor has seen in years, and he expects its opening and subsequent development to “close the gap between downtown and Mid City in retail.”
Meanwhile, the vacant property next door—a 1,700-square-foot building at 1600 Government Street—is listed by Elifin Realty as “sale pending,” with a sales price of $195,000.