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August 19, 2013

Local investors buy downtown Roch. properties along river

Here's some from my piece on the sale of Rochester's Riverside Building and two other properties along the Zumbro River in downtown.

I believe the Riverside Building was actually one of the first buildings renovated under a city revitalization project following the historic 1978 flood.

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The sale of three downtown Rochester buildings along a two-block stretch of the Zumbro River is the latest Destination Medical Center-inspired real estate deal to to be completed.

Three local investors, led by managing partner Bucky Beeman, of Rochester, purchased the properties from Les Nelson, of Clear Lake, Iowa, on Aug. 12. The sale includes the 95-year-old Riverside Building at 400 S. Broadway, an adjacent office building at 416 S. Broadway and Zeus Auto Repair at 434 S. Broadway.

ShowPhoto.aspx"With DMC, we thought the timing was right to buy. It is one of the last available prominent pieces of land downtown," said Beeman, a Rochester commercial Realtor for Realty Growth Inc. "Things are moving fast."

No financial terms of the sale have been announced. Olmsted County has not processed it yet, so the sale documents are not available to the public. Nelson purchased the block of properties in 2005 for $3 million from the Historic Riverside Partners.

The partners have no plans for any major changes or developments for the parcels, other than filling two tenant vacancies in the 9,522-square-foot Riverside Building and some light renovation to the building's brick exterior, Beeman said.

One open space that faces Fourth Street opened because the Rocco Altobelli Salon moved to the Shoppes on Second center. That space opens east onto a large patio along the river. The Rochester Symphony Orchestra & Chorale, which is also a Riverside tenant, has been using the patio for its popular series of free Coda music events on Thursdays.

The DMC Infrastructure Master Plan, created by the consulting firm Kimley-Horn and Associates, pointed out the potential offered by having the Zumbro River flow through downtown Rochester.

"The Riverwalk in Rochester is a very positive amenity. Extensions to this (path) system are encouraged to make it a better-used facility and one that serves walking trips, not just offers a pleasant walk," according to the DMC proposal.


In addition to the former Rocco Altobelli space, another street-level spot at the corner of Broadway and Fourth Street soon will become available after the Art Bitz gift store closes later this month.

Comments

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The Riverwalk building has potential for being a nice restaurant with a patio. The other two plots could house a nice residential tower/building with mixed retail.

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