McCrory’s developer takes on partner

Long to join Cook in rehabilitating downtown building

Local developer Christopher Cook has taken on a partner to help him with rehabilitation of the former McCrory's building on 11th Avenue downtown.

The partner is Jeff Long, who owns and operates 14 Graystone apartment complexes for seniors in seven area counties, Cook told the city Redevelopment

Authority/Land Bank Friday.

With 51% ownership, Long will be the majority partner, but he'll be a silent one, according to Cook.

"I needed a little bit of extra," Cook said after the meeting.

Cook's limited liability corporation, C&J Rental Management, could have seen through the McCrory's project alone, Cook said.

But with Long's help, "it will be a whole lot easier," he said.

"The biggest factor is (Long's) influence in the community -- the backing he already has," Cook said.

Cook initially went to Long for advice, upon which Long offered the partnership, Cook said.

The financing problem with the project arose because of the economy tightening, and the consequent rise in interest rates, from the 5% range when Cook entered into a developer's agreement with the authority to the current 8%, Cook said.

That means less slack in the numbers, according to Cook.

Long will potentially also become a partner in Cook's proposed rehabilitation of the Penn Central building, also on 11th Avenue, across from the Post Office, Cook said.

"(But) nothing's for sure," Cook said.

Long agreed to the partnership arrangement six weeks ago, Cook told the authority.

The financing issues caused the project to start slowly, but work has been going on in "heavy" fashion since the agreement was struck in principle, according to Cook.

Despite the delay, Cook expects the project to be done on his original timetable, which is tighter than the one the authority laid down, he said.

He expects the first floor "market" to be operational in the fall, and the upstairs apartments to be done by the end of the year, he said.

All leases have been signed, he said.

There are six businesses on the first floor and eight apartments upstairs -- four on the third and four on the fourth floor, he said.

The downstairs businesses will comprise a gourmet burger outlet, a sub shop, a Mexican grill, a smoothie and juice bar, a winery and a grocery store, he said.

There have been eight workers on the job on the site regularly, according to Cook.

The first floor has been framed out, and will be ready for mechanical tradesmen soon, he said.

He plans to work with other downtown businesses on a cooperative advertising campaign, Cook said.

"It seems like every(one) is rowing in the same direction," said authority Chairman Richard Fiore.

It's especially heartening to hear that the leases have been signed, Fiore said.

"It speaks to the demand," Fiore said.

It's one thing to talk about demand in theory, but it's something else when "the rubber meets the road," he said.

The authority will revise its developer's agreement to reflect the partnership arrangement when those partnership details are finalized, according to officials.

Mirror Staff Writer William Kibler is at 814-949-7038.