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

(Continued)

Frakine said his daughter, who started scouring the Internet for properties at the age of 11, tours the sites and tells her father what she thinks he should pay for them. Katya's uncanny sense of business has proven successful and, once purchased, the family sets about to restoring the properties.

Frakine's wife Olga said that when they were contemplating a bid on the building they never imagined they would win. Olga, who manages the finances for the renovations, said there was never a plan to buy the building. It just worked out that way.

"We thought, let's try it," she said. "Why not? But we were in shock when we got it. One second we were happy, the next — what are we going to do with it?"

"Fix it," Frakine said with a laugh.

Becoming recession-proof

Frakine and his family, who are originally from Russia, said it was funny how they ended up buying properties in Anderson.

"It's the weirdest story," he said. "In 1991, I was going to Heron School of Art to study art and my print making teacher invited me to have dinner. He lived in Anderson in a Victorian house."

The years passed, and Frakine took a job as a building inspector, then began inspecting federal homes that had fallen into foreclosure. He was a frequent visitor to the area.

"In 2004, I thought, 'Wow, Anderson is coming up,'" he said. "And in 2007, when the bottom fell out of the markets, Anderson remained steady."

Frakine said Anderson's biggest recession hit in the 1980s and the city had stabilized itself before the rest of the country started to experience a sharp downturn in the economy."

"It was a recession-proof city," he said.

Looking forward

Some of the changes Frakine is considering for Tower Place include combining apartments on the 12th floor to create living quarters with two bedrooms and two balconies.

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