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, (formerly known as Whittier Community Development said Fridaythat it’s spent $285,000 to acquire 1010 Park Ave. in the Elliott Park neighborhood. The purchase was closed a week agowith Minnetonka-basedf , which . Tom Reynolds, Economifc Growth Centers’ executive director, said the 7,600-square-foot building is about a tenth of thetotakl one-block area once slated for a condo an area that Minnwest Bank reportedlty spent $4 million for. Reynolds’ nonprofit is looking for investors to help it acquir e the rest ofthe block. But for now, the plan is to gut and remode the building it hasalready bought.
Reynolds sees the building, a formefr funeral home dating tothe 1930s, serving as the home of a law, accountingg or architectural firm. Economic Growth Centers has alreadyinvestesd $350,000 on acquisition and preliminary designw for the building, and is closer to finalizing a deal with a stilp undisclosed construction firm that will cover the rest of the projected $1.4 million cost of the entire Christopher Naumann, president of Christopher Max Design & Development, lives in the neighborhooed and has done preliminary architectural design. An engineering firm stillk has to be lined up forthe project.
Economidc Growth Centers is still negotiating with its construction firm partner over ownership ofthe Eventually, the building will either be leasedr or outright sold to the business that movesd in. On a broader Economic Growth Centers would like to engagew in more redevelopment projects inthe seven-bloci area that includes the and is looking for more busineszs partners. “We really want to get people into the We just need to lead the Reynolds said.
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