We're selling!It is a sad and yet exciting time for us. Due to health reasons and wonderful career opportunities we've decided as a family that it's time for us to move on from this project. Thus we've decided to sell The Old Herald building and move on with our lives. It was a hard decision and one we probably wouldn't have made, until someone approached us about buying the place. We're still not sure what direction we are going to take as far as selling it ourselves, using a real estate agent, or even an auction company. Right now we know we want to sell, we're just not sure to who or how. See there are a couple of things we need to consider..... 1.) a decent price and 2.) intentions. Let me explain the situation and then about the building itself and then I'll explain the our conditions on sending.
It started very recently when a few investors contacted us about buying the property. It struck us as odd, but then we realized why. See Osky is about to go through some major changes. The downtown area is about to explode. In Sept. of '07 it is our understanding that Osky will apply to become a Cultural and Entertainment District. According to the Iowa Department of Cultural Affairs website , “a cultural district is a well-recognized, labeled, mixed-use, compact area of a city in which a high concentration of cultural facilities serves as the anchor. They are established to encourage city and county governments to partner with a local community nonprofit or for profit organization, businesses, and individuals to enhance the quality of life for citizens of this state. Cultural Districts also enrich local economies through developing and sustaining cultural facilities in a synergetic fashion. More than 90 cities in the United States have planned or implemented a Cultural District—positioning the arts and culture as the center of revitalization efforts. The impact of Cultural Districts is measurable. The arts and areas with historic structures attract residents and tourists who also support adjacent businesses such as restaurants, lodging, retail and entertainment. The presence of the arts and cultural opportunities enhances property values, the profitability of surrounding businesses and the tax base of the region. These districts attract a diverse and well-educated workforce—a key incentive for new and relocating businesses. And these districts contribute to the creativity and innovation of a community.â€
Already I've heard rumors of the downtown expansion including a martini bar, a non-profit arts center, loft apartments, and parking garages. The point being things are happening. Speaking of things happening, Musco lighting is planning to expand in the downtown area, an expansion large enough to accommodate 1,000 additional employees within the years to come. The downtown area is a great investment place already with the area a two decade member of Main Street Iowa, but with the upcoming changes the opportunities are rising.
The building itself is amazing. The building was last appraised in Jan '06 at $110,000 and improvements have continued. The building falls into the historic district in Oskaloosa, as well as the Main Street District, and if it passes it will be within the Cultural District. It's one block north of the square in a prime location sitting on the corner of Highway 92 and Highway 63, the two highways that lead in and out of Oskaloosa. The building has a full basement, about 2,400 square feet used currently for retail, an additional 2,400 mezzanine, and four 1 bedroom apartments upstairs covering another approximately 2,400 square feet. I'll be updating soon with pics, excerpts from the appraisal and more. If you want more information call Doug at 402-871-7509.
Now back to the conditions we want to sell under. There are two things we are considering, first is price. Like we've mentioned the downtown area is exploding and we're sitting in a prime location. So far those that have expressed interest in the building have mentioned prices that are in-line with the future developments of the town. Yet the second condition is intentions. While Iâ€m not a hundred percent sure of their intentions, I'm not sure it would be in-line with the developments. We'd love to sell to someone who will take as much joy and pride in this building as we have. Someone who will take the improvements and build upon them. Someone who cares about this community. So while we will try to keep that in mind the fact is it's time to sell. We're still in communication with the investors, but thought we'd open it up to see if anyone else with a vision or dream is interested.