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Deposit checks return to Grace St. building

System - Sunday, December 2, 2012
An 85-year-old former bank building on East Grace Street is getting a makeover.

A developer purchased 306 E. Grace St. and will turn it into 10 apartments with 2,600 square feet of ground-floor retail space.

The 16,000-sqaure-foot building sold for $495,000 in a deal that closed Nov. 28. Duke Dodson and Josh Romano of Dodson Properties represented the buyer, 306 Grace LLC. Dodson would not say who the principal of the LLC is.

Dodson said the development, including the purchase price, will cost almost $1.9 million and should be complete in May. The developer will pursue historic tax credits on the project. Monument Construction will handle the renovation.

Scott Boyers, a broker with CBRE, represented the seller, Nicholas Roupas, whose family owned the building for more than 40 years.