'Luxury living' coming to Valley City with repurposed vacant building
VALLEY CITY, N.D.--The idea of transforming older buildings into high-end living or office space has caught on big in a lot of larger cities, including Fargo-Moorhead. Now, a small town 60 miles to the west of F-M is getting in on the action.
VALLEY CITY, N.D.-The idea of transforming older buildings into high-end living or office space has caught on big in a lot of larger cities, including Fargo-Moorhead. Now, a small town 60 miles to the west of F-M is getting in on the action.
The 20-unit Pinnacle Condominiums, described as luxury homes, is being built in the former Mr. Spindle factory just off west Main Street in Valley City. The building was empty for about four years after Bob Matthews relocated his decking supply company from there to south Fargo.
He's one of the developers repurposing the building, turning an abandoned eyesore into a new housing option for this community of 6,700 people.
"We want it to be the nicest place in town," Matthews said.
The condos will feature two bedrooms, two bathrooms, granite kitchen countertops, custom cabinets, a walk-in closet and a balcony or patio. Each unit has its own heating and cooling system and washer and dryer, and residents will have a parking space in a heated garage.
Residents will also have access to a lower-level library, a community room, a fitness center, outdoor green space with a fire pit and an individual storage unit.
The building has served a variety of purposes over the years. Built in the early 1940's by Land O'Lakes, it was a creamery, then a turkey plant, a furniture store and a feed and seed company before Matthews bought it for his decking factory.
After Mr. Spindle left Valley City, local business owner Bob Bergan approached Matthews about teaming up on the condo project. Bergan's son, Chad Bergan, of Fargo also joined in.
The concrete structure presented challenges for the developers and architects, wild-crg of Fargo. In some places, the concrete walls are 16 inches thick and there are concrete supports throughout.
"They had to work around the pillars," said James Jensen, a broker with RE/MAX Lawn Realty who is representing the property.
Contractors were drilling holes for plumbing for about four months.
"It's built like a fortress," Bob Bergan said.
The condos will sell for $259,000 to $279,000 per unit depending on size, which ranges from 1,250 to 1,550 square feet.
City commissioner Matt Pedersen, who served as interim mayor between the resignation of Bob Werkhoven and recent election of Dave Carlsrud, said potential buyers will benefit from Valley City's renaissance zone.
He said qualified buyers can get up to $10,000 in state income tax credit for five years and a local property tax exemption for five years.
"They're basically only being taxed on the value of the land, but not the improvements for first five years," Pedersen said, "so the developers are passing that benefit on to the end purchaser."
The aim is to draw people who want to downsize from a single-family home and move into a lower-maintenance condo.
"What I'm hoping for is to attract people from smaller communities to Valley City and keep some of our folks that are retiring and moving to Fargo," Pedersen said.
There's at least one hurdle, though, for the developers and for the city.
Several large propane tanks, owned by Cenex Harvest States, are seated directly south of the condos-not something prospective homeowners would likely want next door.
Pedersen said Puklich Chevrolet, just across the road, wants to acquire the property for expansion, so all parties are considering a way to divvy up the cost of relocating the tanks.
"Conversations are ongoing," he said. "I'll remain optimistic."
The developers hope the condo project will be finished by the end of October.
"We're anxious to show it off," Bob Bergan said.