WABASH, Ind. – Wabash Marketplace has sold the historic old Bradley Building, located at 5 W. Canal Street in downtown Wabash to local developers/investors Kathleen Alspaugh and Dave Vandermark of Vandermark Duffey Enterprises, Inc., according to Jason Callahan, Marketplace president.
“We are very pleased that this sale came to fruition,” said Callahan. “Although Marketplace will now have to abandon its efforts to create downtown affordable housing, we truly believe that passing this old beautiful building off to local private developers offers the best chance for its survival.
“Marketplace purchased the Bradley Building last summer in hopes of saving it from demolition,” according to Steve Downs, Marketplace executive director. “Since then, we have been actively looking for private developers and, as a fall back, sought funding to create an affordable housing complex. We had accumulated most of the monies we needed from numerous sources, totaling about $1.6 million, when Kathleen and David made an acceptable offer. We now have to decline most of those grant monies, but this is a great opportunity for our downtown and our entire community. We are very happy with Dave’s and Kathleen’s vision for the building, and this will allow Marketplace to devote its resources to other projects that need attention.”
Closing was held October 31, and work has already commenced with Vandermark Builders as the general contractor.
For further information, contact:
Jason Callahan, 563-2151 or Steve Downs, 563-7474