EDC weighs sell, lease or renovate options for 213 Prairie after buyer withdraws

The Montgomery Economic Development Corporation received an update April 21 on the status of 213 Prairie after a previously interested buyer withdrew when a larger deal presented itself. Staff said multiple parties continue to look at the property and the board discussed options including targeted exterior repairs to improve marketability, larger renovations to lease the building, razing to create parking, or continuing to market the property at a reduced price.

Staff reported that Elemental Enterprises had been the prospective buyer but pulled out after receiving a larger contract elsewhere. The board reviewed the building’s condition — roof leakage at one patched spot, rotted awning supports, failing facade panels and other deferred maintenance — and heard advice from the broker that cosmetic improvements could help attract buyers. A modest exterior cleanup was estimated at about $18,000, but some board members warned that the building likely needs far more work and that construction costs have risen substantially since the property was first marketed.

Board members debated strategies: some favored keeping the property listed and pursuing lease opportunities if tenants committed to buildout; others argued against spending taxpayer funds to substantially renovate a privately used space. Staff said the listing price had been adjusted below $1 million to align with market interest and the board resolved to continue marketing the property while exploring lease and sale tracks and letting the broker pursue additional prospects.

Next steps: Staff will continue marketing the property at the revised price point, consider minor exterior work if broker feedback indicates it will materially improve offers, and report back to the board at a future meeting. No final sale, demolition or renovation decision was made.