By Leah Small, The Progress-Index
PETERSBURG — Developer Dave McCormack is in the process of adding office space to his extensive list of downtown adaptive reuse projects, which together total an investment of nearly $47 million.
McCormack is currently working on a contract with the city to purchase a property at 245 E. Bank St., with a plan to rehab the 6,300 square foot property into office space. According to city real estate records, the property was assessed at $925,000 as of July 1. The land was valued at 52,800 and the building was valued at $872,200.
Council voted on July 21 to approve the disposition of the property, the rehabilitation of which McCormack said would be an important driver for economic development downtown.
He said that while a number of adaptive reuse projects have provided the area with housing and restaurants, room remains for improvement.
“There are still people who are waking up in the morning and driving out of town for work. For a downtown to thrive, you have to have live and work spaces,” he said. “This kind of completes that circle.
The developer also said that a number of businesses have contacted him to express a need for office space in Petersburg.
As for other development in that corner of the city, McCormack is also working on constructing a craft brewery at 420 Third St., with partners Michael Blevins and James Frazier. The $5 million project is scheduled to be completed in June 2016.
McCormack is also taking advantage of Petersburg being unofficially dubbed the new little Hollywood.
He is developing a property at 219 East Bank Street into a 40,000 square foot movie studio for small productions, complete with sleeping quarters. The studio would be used by crews working on micro budget films with budgets in the $200,000 to $250,000 range.