49th Street Building

The Story:

We have been watching this building as it came on the market over the last couple of years. This year it finally came on the market at what we believed was a reasonable price. During our due diligence work we discovered some deferred maintenance that needed to be dealt with. With this in mind we went back to the Sellers to negotiate a lower purchase price. With the new lower price we are able to have a reserve of funds available to work on the deferred maintenance items, including a new roof.

In 2023 the Joint Venture took advantage of a Store Front Improvement Grant offered by the Town of Innisfail. The Town offered to match up to $5,000 worth of exterior improvements on this building, meaning that the Joint Venture was able to replace the facade, paint the front walls, and repair windows and doors for half the cost. This came at a great time, as it helped to attract more tenants and resulted in filling the Baiers space quickly.