The Herald Bulletin

Overnight Update

Local Business

June 8, 2014

Investing in Anderson's future

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


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.

Text Only
Local Business
  • Clark, Big Joe mug [Duplicate] 'Big Joe' Clark: Plan your strategy for financing higher education Planning is essential regardless of the situation, but no plan is perfect. There will be flat tires and snow days, but there will also be dances and great memories. Let’s plan for what we can even if we know it won’t be perfect.

    August 1, 2014 1 Photo

  • boynton, brandon photo Teen receives funding for business venture Brandon Boynton is moving forward with his business dreams, thanks in part to a local working capital loan and a fundraising campaign.

    July 30, 2014 1 Photo

  • Senior housing project advances If all the pieces fall into place within the next two weeks, construction on a new senior housing development could begin this fall.

    July 30, 2014

  • Roundabout bids higher than expected Bids for a planned facelift of the gateway into Anderson from Interstate 69 at Scatterfield Road came in considerably higher than the engineer’s estimate for the project.

    July 29, 2014

  • FEA - HB0729 - Senior Falls Aging safely in the comfort of her home Marilyn Moneyhun said being totally reliant on others is difficult. "Losing your independence is a shock to your system," Moneyhun, 84, said. "You are not in control anymore."

    July 29, 2014 1 Photo

  • NWS - HB0728 - business expansion CB Fabricating makes $2 million investment

    A local business founded in 2006 has invested $2 million in new equipment and a building expansion.

    July 29, 2014 1 Photo

  • Charo Boyd: 'My Social Security' simplifies your life So many people buzz through extremely busy and complicated schedules these days. A smartphone in one hand, a computer in front of you, and a digital task list that never seems to end. In addition, to complicate things just a little more, there’s another event you need to add to your list — National Simplify Your Life week.

    July 28, 2014

  • nws - hb0725 - colts - jc - 4.jpg Colts camp's impact: pricey or priceless?

    Football fever is here and the city is flooded with fans eager to catch a glimpse of a favorite player. But officials say they are unclear what kind of economic impact the Indianapolis Colts training camp has on the area.

    July 26, 2014 1 Photo

  • BIZ - HB0727 - Skill gap 2 Seeking a solution today, not tomorrow Tina Warner-Morton says she wants to open her own healthcare business because it is too difficult to work for an employer with unclear employee expectations.

    July 26, 2014 1 Photo

  • BIZ - HB0727 - Cathy Cupboard Biz Profile Business Profile: Cathy's Cupboard focuses on customer satisfaction Cathy McPhearson opened her first storefront in June, but this is not her first venture into business. “I have always wanted to have my own business,” she said. “The problem was finding what people like, but everyone seems to like candles.”

    July 26, 2014 1 Photo

Hyperlocal Search
Premier Guide
Find a business

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