Leaders are working on financing for the project, which includes an expansion of Austin’s Fine Wines and Foods.
AUBURN – Major renovations at the corner of Court and Main streets have been delayed while the city and developers try to line up more financing.
The project will not move forward until the spring, said Chris Merrill, general manager of American Holdings Inc., which has agreed to buy the buildings from the City of Auburn and renovate them.
August bids on the work came in higher than expected, Merrill said.
“The building is in pretty bad shape,” he said. “It needs a little bit of everything – exterior work, structural work. It’s a pretty complete gut and rehab.”
Merrill is working with city officials to finance the work.
“All we’re waiting for is the final financing,” he said. “We’re just figuring that all out now, and it’s been pretty complicated.”
The company wants to renovate the three-story block of buildings at 66-72 Main St. The original plans call for Austin’s Fine Wine and Foods to expand along the first floor of the new property. The upper floors would be developed for new office space. In all, the project should create 8,350 square feet of leasable space.
American Holdings signed a purchase and sale agreement with the city last spring, agreeing to buy the buildings for $145,000. The city agreed to tear down the wooden frame structure at 18 Court St. to make room for the Austin’s expansion.
The city wrapped up its share of work – about $170,000 worth of interior demolition, asbestos cleaning and wall stabilization – this summer. The city also extended utility lines to the property.
“We’ve completed all of the our work around the project,” said city Economic Development Director Roland Miller. “But we’re still the owners of the building, so we’re trying to help put the right mix of financing together in light of where these bids came in. Part of our agreement was helping to get them a financing package.”
Neither Merrill nor Miller would say how much the renonvations are expected to cost.
“This is really a private developer bid,” Miller said. “The city didn’t bid this, so I don’t feel comfortable releasing these numbers.”
staylor@sunjournal.com
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