1231 W. Main Street
Summary: The 80,000 square foot building was formerly the Robbins Furniture company of Owosso. Established in 1871, the business finally closed in 2001. Sitting vacant for several years and needing extensive renovation, the building was turned into a mixed use development with retail, apartment, and office facilities. Funding for the project was achieved through some innovative mechanisms including tax incremental financing through state and federal grants and additional brownfield development funds.
The Powerhouse gym occupies a majority of the first two floors of the building with the third floor currently being renovated for loft apartments. There are two additional warehouse buildings in the complex which will be developed soon into 14 additional urban loft apartments.
This property was purchased for $2,940,00.00. Present value after repair is $6,275,00.00. Rental income is $53,500.00. Both capital value and rental income will substantially increase upon final renovation.
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