Ellicott Development has recently made a quite a few real estate purchases. Following the acquisition of the $2.17 million Ganson Street property, Ellicott has since bought 207 W. Huron Street and 451 Elmwood Avenue as well.
207 W. Huron Street is soon to be the former Pooley Inc. building. This property was technically purchased by Ellicott Development’s 8112 Group LLC for $300,000. Although the building eventually will be repurposed for something that has yet to be decided, Pooley will be leasing the property for now until the renovations at their new facility on Vulcan Street are complete. “The bottom line is that this is a good buy for a building in a good location,” Ellicott Development CEO William Paladino has stated.
Plans to add 451 Elmwood Avenue to the Ellicott portfolio are also underway. The address previously belonged to Nektar, a restaurant owned by Stavros Malliaris who made the decision to close the business as part of his retirement. Ellicott will close on the property within the upcoming weeks and has already found a tenant. Tom Cowan, owner of City Tavern, has agreed to lease the space to reopen later in the year. Plans for this space call for it to be “…more restaurant than bar,” as explained by Paladino.
As always, EDC is excited to begin work for all new projects while continuing to work on current projects. With a variety of other current projects presently ongoing, we are eager to keep busy and continue expanding our portfolio.
