Easton announces buyer, new uses for Alpha Building
Updated On: Sep 05 2013 06:06:10 PM CDT
The city of Easton said it has a buyer for the tallest building in town. A local development group will transform the Alpha Building into a place folks can live and work downtown.
After calling the Alpha Building home for more than a dozen years, City Hall is moving to the new intermodal center.
"I am pleased to announce we have an agreement of sale on the Alpha Building," said Mayor Sal Panto, D-Easton, during a news conference Thursday.
Alpha Developing Group is buying the 9-story building for $4 million, higher than what the city had it appraised at.
The parent company overseeing the redevelopment is no stranger to the city. In fact, the Alpha Building will be its fifth major investment in Easton.
"We're glad to be chosen as the developer," said Mark Mulligan, CEO of VM Development Group. "This building fits our profile as a historic structure. That's what we do at VM."
After City Council signs off, the sale agreement should be finalized by November.
City Hall will rent space for the next 19 months while the intermodal center is built down the road.
"During this 19-month period, we anticipate real savings of approximately $150,000," Panto explained.
Renovations to the lobby will take place during that time, but the biggest changes will be on hold. The developer wants the building to be a place folks can live and work.
"Plans call for commercial use on the first floor, offices on the 2nd, 3rd, 4th and 5th, and high-end residential on the upper four floors," shared Panto.
VM Development is also the company behind the Pomeroy and Silk Mill projects. It's also redeveloping the Wolf and National buildings.
We're told renovations of the Alpha Building will be complete in three to four years.
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