The Herald Bulletin

Morning Update

Local Business

June 8, 2014

Investing in Anderson's future

Businessman invests thousands to restore historic building, create new downtown housing

ANDERSON — One year after it was sold, renovation work on the Tower Place is almost complete.

Purchased in 2013, the 43-unit apartment building was sold in a public auction for $100,000 to Youri Frakine.

Since then, $250,000 of the $450,000 budget planned for the project has already been spent, Frakine said. And, unlike the previous owners who lost the property to foreclosure, the funds for all the work being done to the building are coming straight out of Frakine's pocket.

"It is being done with actual funds," he said. "We are very conservative people. The previous owners had tax credits and took out a second mortgage and they really got upside down."

Frakine said from what he can determine of the records left in the building, there was a 15 percent vacancy rate.

"They had no money to repay anything," he said.

A plan of revitalization

In the last year, most of the labor intensive work has been done, but installation of flooring and other renovation work is still underway. A new geothermal system is in place and an advanced security system is being installed.

Five handicap rentals are scheduled for completion by July 1, and Frakine said he plans to open the first five floors for rental by the end of the summer.

Each apartment unit has central air, heat and included utilities along with wireless internet. Although the final numbers are not set, rent for the apartments will be about $550 to $625 a month, Frakine said.

"We want to get rid of the old stigma attached to the building," Frakine said. "The goal right now is to start renting them out at the beginning of September."

A family business

The building was purchased, in part, thanks to the work of Frakine's oldest child, Katya, who is only 15.

"I just like the elevator," she said.

Text Only
Local Business
  • NWS - HB0715 - Chuck Pagano Pagano breakfast sold out A breakfast with Indianapolis Colts head coach Chuck Pagano is sold out, organizers said Wednesday.

    July 23, 2014 1 Photo

  • Cellular Connection to host backpack giveaway Residents in Anderson will benefit from a national backpack giveaway campaign on Aug. 2.

    July 23, 2014

  • Travel restrictions on Interstate 69 this weekend During at least the next eight weekends, travel north of Anderson on Interstate 69 will be restricted as damaged concrete is repaired.

    July 22, 2014

  • Senior housing request continued A request for final plat approval for a senior housing development on property near Madison Park Church of God was continued Tuesday. The Anderson Plan Commission could not consider the request because of a lack of a quorum to conduct business.

    July 22, 2014

  • Street Department purchases 2 pickup trucks The Anderson Street Department received approval to buy two Dodge Ram pickup trucks on Tuesday.

    July 22, 2014

  • FEA - HB0722 - SAVI - 1 Staying strong during adversity

    When doctors told Judy Best she had cancer she was shocked, but she never lost hope.

    July 22, 2014 2 Photos

  • NWS - HB0721 - 4-H parade 3 - DH Scholarship recipients relish parade acknowledgement

    Taylor Jennings and Shelby Farmer took their last stroll around their hometown Sunday. At least, their last before starting college in the fall.

    July 20, 2014 5 Photos

  • Senior housing sought for Madison Park A senior housing development proposed almost six months ago for the Madison Park Church of God property is now moving forward.

    July 20, 2014

  • Wilkerson, Jesse mug Jesse Wilkerson: Unplug to reconnect I am inspired and influenced by people in our community who are creating a legacy of service. These people have disconnected long enough to realize there is more to their life than their job or personal success.

    July 20, 2014 1 Photo

  • BIZ-HB0720-Coldbeer-TM.jpg Brouhaha over cold beer

    Warm beer lines the shelves inside the Ricker’s BP on Eighth Street less than a foot from a refrigerated section, but the convenience store is not planning to move the beer anytime soon. That’s because a state law prohibits Ricker’s from selling cold beer to customers.

    July 19, 2014 1 Photo

Stocks
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide