July 2012 – Bradley Gillis, CCIM and Joey Gilkerson from Sperry Van Ness – Miller Commercial Real Estate in Salisbury, MD recently represented the buyer of the former Feldman’s Building, and Blair Rinnier, CCIM of Rinnier Development represented the seller. This building is extremely important to Downtown Salisbury and has a long history in the downtown. The buyer will create a high quality mixed use project with open sight lines to the riverfront, on-site parking and will focus on the historically significant 3-story building. The current building consists of four different structures totaling over 40,000 square feet on approximately 20,000 square feet of land; the most important of which is the main 3-story building which dates back to the late 1800’s, first used by B.L. Gillis & Sons, wholesale grocers.
Demolition will begin in the fall of 2012 with renovations to begin shortly after. The buyer hopes to work with the city to construct a riverwalk along the Wicomico River and Mill Street. “The newly named River View Commons (former Feldman’s Building) is a cornerstone project for Salisbury’s downtown. The project has wonderful views upriver and is within walking distance to restaurants, parking, offices and healthcare. The buyers’ are excited about the positive effect this project will have on downtown and our community” said Bradley Gillis. “We will be marketing office and retail spaces for lease and even see a potential opportunity for a restaurant. With onsite parking and river views the location is ideal” said Gillis.
Publishers Notes: I was told yesterday that the building was actually sold to Palmer Gillis for $5,000.00. Yes, I said five thousand dollars.
17 comments:
You are probably right and he is in business to get something for nothing just like he did with the old firehouse and the adjoining waterfront property.
Amazing how folks think he got something for nothing; how many years has it sat, condemned and for sale, an eyesore welcoming people to Salisbury? Where was 8:37 and the others with the "fair market value" money who think Palmer got "something for nothing" that whole time.
Just like the Firehouse, can't let it go so cheap. No sir-ree Bob we can't. Course the City is approaching a loss of tax dollars equal to the difference, but does have another eyesore to make sure people are driven from downtown while it further deteriorates and becomes a slum faster.
Who got the proceeds ($5000) from the sale?
Is this going to help or hurt Downtown?
It will take tens of thousands of dollars to make that building worthwhile.
Tens of thousands? Are you crazy? Demolition will cost triple that if not more.
anonymous 10:56, It will help Downtown, no question about it. Palmer Gillis has more than proven himself time and time again Downtown. I think it's FANTASTIC that he was able to cut this deal and keep in mind, this man has built enough of an empire that Banks are willing to support his visions. I don't care who you are, that's VERY difficult to do today.
Daddio, I'm sure those proceeds go towards the former owners debt to the Bank of Delmarva. The Bank did not reposess the property due to the liability. The mold alone was a serious problem. The Ethan Allen portion of the property will remain and Mr. Miller is still hoping someone will pay dearly for that property in order to relieve his debt to the Bank.
anonymous 11:13, it will take a lot more than tens of thousands, it will take hundreds of thousands of dollars. It will probably cost somewhere around $300,000.00 just to take down and remove what Palmer intends to take down.
Personally, what Palmer will be doing will certainly and finally help our property values Downtown.
"tens of thousands of dollars" Way more than that 11:13. A company I do business with just spent 1.4 million on a 7000 sq ft building (built 1938)and it already had updated plumbing and electric. This one is 40.000 sq ft.
And Palmer was wearing a Jim! is for Salisbury! sticker at Tawes this week.
What patent BS-
The building, which is "extremely important" will be demolished by someone who just bought it (for 5 Grand -?).
On many days you will be able to get the odor from the Perdue plant, and sometimes from the City's sewage treatment plant, while eating you meal at the upscale restaurant.
Whether anything at this site or elsewhere will do much for downtown is questionable. There is no particular attraction there and much "competition" from other parts of Salisbury and Fruitland.
Because of the poor access, this is not a good location for any office or business.
Mr. Gillis has been one of the reasons whay many offices are now on the periphery -- Milford Street Medical Park, Woodbrook, etc. And that is where the action is -- now they are planning a commercial center at the intersection of Walston Switch and Rt. 50 -- as soon as it is annexed into the City and rezoned it will be another nail in the coffin of downtown Salisbury.
Brad:
We need more drugstores and dollar stores, too, in Smallsbury, so contact them ASAP.
11:49 just disclosed something. Will Ireton put the costs of demolition of the rest of Feldman's that Gillis didn't buy on the taxpayer to help his buddy? If I were a betting man...
Way to go fellow Lodge Member
Before it's over and done, Palmer Gillis will own every bit of downtown. He is salivating over the waterfront parking lots, just can't wait for Jim Ireton to sell them so he can get them for pennies on the dollar. Palmer is no dummy, he didn't get to where he is today by being stupid. All he has to do is keep smiling at Ireton and he can get anything he wants.
But will Gillis give Ireton what he really wants?
The renovation cost will probably be about $100 per square foot on the remaining 15,000 square feet. Do the math. Does any one else want to step up to the plate and do this project on a specualtion basis? Let the line form, naysayers and poison pushers?
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