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Group purchases troubled downtown buildings

Plans will be determined for nearly full block of buildings on west side of square

Posted 8/11/21

A group of investors has purchased nearly a block of troubled downtown buildings. SPAC No. 1, LLC is the new owner of four buildings on the west side of the downtown courthouse square that have been …

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Group purchases troubled downtown buildings

Plans will be determined for nearly full block of buildings on west side of square

Posted

A group of investors has purchased nearly a block of troubled downtown buildings. SPAC No. 1, LLC is the new owner of four buildings on the west side of the downtown courthouse square that have been a major point of contention between the City of Fayette and the buildings’ former owner, Dan Ruether of Columbia. The purchase took place on Monday, August 2.

Names of investors have not been disclosed. However the manager of SPAC No. 1, LLC is well-known Fayette businessman J.B. Waggoner. The company was formed on July 6, 2021.

Waggoner told this newspaper on Friday that the ultimate goal is to have commercial and residential space available. Ideally, the group hopes to make that a reality in 24 to 36 months, but working with historic buildings often reveals snags that can slow things down. 

“There are a lot of things being explored right now. And we’ve got a lot of work to do with architects, engineers, and contractors,” Waggoner said. 

“What we really need from the community right now is time and patience. Because we’re going to study this thing very carefully.”

According to Waggoner, no specific plans have been put in place. He said the group still must investigate and determine what will be required and what the best uses for the buildings will be.

“The end product is going to be really exciting for the downtown business district and the Fayette community—a leading example of redevelopment in our town’s central business district.”

The deal marks a significant investment into downtown Fayette and comes on the heels of recent positive initiatives such as a revitalized Fayette Main Street and the establishment of a downtown Community Improvement District (CID).

“We have a group of investors who put this thing together,” said Waggoner. “A lot of great things are happening in downtown Fayette. We thought, here is a way to have a significant impact on downtown, by getting that property improved.”

Currently, three of the eight storefronts are occupied. One business, the Petrichor Store, announced on Thursday that it would be closing down and likely moving to another Community (see related story this page). 

The storefront on the southwest has long been occupied by Fayette’s only laundromat. Just what will happen to that remains unknown. There have been ongoing concerns regarding problems with the laundromat, including broken machines and issues with cleanliness. Users often go to other nearby towns, such as Boonville, to clean their clothes.

“Towns need laundromats. We just don’t have the answers yet,” Waggoner said. As of this printing, the laundromat is still in operation. Waggoner said the company that owns it is still leasing the space.

The deteriorating conditions of the nearly full block of century-old buildings over the years fueled controversy between the city and Ruether. In December 2020, the council held a hearing, which Ruether did not attend. The city found that, based on two engineering reports, half of the Bell Block building, located at 102 and 104 North Church, and the building at 114 and 116 North Church should be considered dangerous. Notices were placed on the front doors of the buildings.

At least one tenant moved out when the notices were placed. 

The Bell Block Building was erected in 1883. Although it contains four storefronts, it is unclear why only half of the building was the subject of the hearing.

In November 2019, the city hired Columbia engineering firm Klingner and Associates to inspect the structures of the buildings. The report, along with a list of necessary repairs, was given to Ruether. A year later, Klingner re-inspected the buildings and found that little of the suggested work had been performed.

Waggoner said the transition between Ruether and the new owners has been smooth. Reuther’s company, Columbia Property Management (CPM), is continuing to assist with the management of the buildings in the interim, to help with the transition, Waggoner said. 

“He’s been really, really good to work with,” said Waggoner. “I can’t believe how easy this has been, and it could have been really hard.”

Waggoner reiterated the need for the community’s patience while the group determines just what will be done with the block. He said plans would be revealed through this newspaper as they are made. 

“What we need now is time and patience. When we have plans we will announce it.”

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