Welcome to The Closing Bell. This is your last stop for biz scoops and big news before the weekend — a roundup of stories that can’t wait till Monday.
If it’s not commercial real estate, it’s residential. This week we have new condos potentially popping in Germantown and, down the road, new intrigue along the boundary of Cherokee Park. Meanwhile, 21c keeps upping the hotel game in the region, while a local businessman is trying to up the game in national Republican politics. Plus, we take stock of a couple big local stocks as they release year-end figures.
Let’s get to it…
Insiders: Boyd Moving and Storage warehouse in Germantown to become condos
The hulking, semi-dilapidated building that is the HQ of the Boyd Moving & Storage Co., in Germantown, could become something entirely different in the near future, multiple insiders tell IL. The structure, at 1034 E. Oak Street, could become the site of apartments/condos, possibly a restaurant and/or other retail.
One real estate tipster told IL the property is “in play,” adding an indication it would become condos. And a small-business owner nearby said they’ve been told the property could also have restaurants and retail.
IL went to the property, which is currently owned by Carl and Charles Boyd. Once inside the building, we were told by either Carl or Charles (he wouldn’t identify himself) that there’d be no comment on any sale. Gant Hill, the broker representing the Boyds, also declined comment. “I do have some activity on that property,” he says. “The client is not ready to talk about it.”
But the word is clearly spreading. Near the Boyd Building, at the Oak Street Food Mart convenience store, the clerk — who would only identify herself as Loris — said she too had heard word of a sale, that there would be either condos or some other kind of apartments there, and that the Boyds would move their business to Shively. She also said that representatives for either the Boyds or the buyers, she didn’t specify, came to the mart to explain what’s going on there and presumably begin the common process of establishing goodwill with the neighbors.
The Jefferson County Property Valuation Administrator reports that Carl and Charles Boyd paid $484,000 for the property in 2012.
Cogan buys 1600 Cherokee Road
Primetime Highlands and Cherokee Triangle developer Kevin Cogan has purchased the apartment complex at 1600 Cherokee Road, right next door to his Park Grande luxury condo building. The purchase price was $740,000, according to the Jefferson County Property Valuation Administrator. The deal was wrapped in October, but the deed was just recently posted to a local government website.
Cogan wasn’t ready to reveal details quite yet, but he indicated there would be renderings soon. For those keeping score: No word on whether we can expect Park Grande II, although keep in mind that the guy doesn’t play small ball.
The purchase price is a big jump from the property’s last PVA assessment, when it came in at $395,580. That was 2008, a couple years after Park Grande opened.
In other Cogan news, the developer’s plan for Willow Grande — a 15-story, 24-unit luxury condo building in the Cherokee Triangle — was again put on hold this week, after the Metro Planning Commission tabled Cogan’s requests for various waivers and variances for the site in a five-hour meeting on Wednesday night. The Cherokee Triangle Neighborhood Association, which has two pending lawsuits seeking to block the development, was also afforded additional time to argue against Cogan’s requests before the commission.
It’s up again on March 19.