Lake Drive Buildings Get A Redo

February 11, 2008
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Second Story Properties is getting ready to renovate two buildings on Lake Drive SE, near the Eastown Business District.

Company President Sam Cummings said his firm is undertaking both projects as an effort to offer affordable space to nonprofit organizations, small businesses and a few retailers.

The buildings are located across Lake Drive from each other, both are two stories, and both have adequate on-site parking.

One is known as the Boland Building, at 1331 Lake Drive SE. Cummings said it will be completely gutted and renovated. The structure offers 14,500 square feet of space, and a square foot will rent for $8.

The other is known as the Carlton Building, at 1324 Lake Drive. Not as much work will be done to it. Improvements will be made to the structure’s exterior and the landscaping will be upgraded. Most of the Carlton is occupied, but Cummings said some suites are available and will lease for $7 a square foot.

“Our motivation for both of them is we’ve had a lot of folks and nonprofits come to us and ask us — knowing that we’re in the property business — for inexpensive office space. It’s been difficult to accommodate them. These opportunities arose and we’re pretty excited about them,” said Cummings.

Second Story will manage both buildings and is handling the leasing.

Minor work on the Carlton Building has already started. The pace will pick up this spring, and work should be completed this summer. The Boland Building is in the design stage right now. Construction there will also get under way in the spring and finish by the end of the year. Concept Design Group is the architect for both projects.

The projects are the second and third renovations Second Story has announced in the past two months. In mid-December, Cummings said his firm was restoring the Frederick Upholstery Building at 53 Commerce Ave. SW. That project should finish in February. The building will add 5,000 square feet of office space to the Heartside Business District.

Cummings said there are a lot of pluses in store for tenants who move into the Lake Drive buildings, which are at the west edge of Eastown.

“It’s walkable. It has a lot of restaurant options. It’s super convenient. The buildings have high visibility, and both buildings have plenty of parking,” he said. “And quite frankly, they’re affordable, with our signature management.” CQX

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