Monday, December 24, 2001
 
 

 

 

Marcy Building Filling Up Quickly
by Heather McRea, Times Staff Writer
First published: Monday, December 24, 2001  

If S&A Services of Watertown fills the second floor of the Marcy Building as proposed, the once dilapidated building will be more than 80 percent occupied.

Just over a year ago, the Alcohol and Substance Abuse Council of Jefferson County Inc. moved into the Marcy Building, its first tenant. Neighbors of Watertown spent $3.8 million renovating the building on Polk Street between State and Factory streets.

With S&A Services negotiating to add 5,000 square feet to the 8,000 it already rents, only about 10,700 square feet remain to be rented.

Though it isn't occupied yet, the 9,000-square-foot annex next to the Marcy Building has been leased to two Canadian men who plan to open Paddy O'Connell's Brew Pub and Restaurant.

The project was delayed by about a year because of sickness and other projects on the plates of Pat J. Ruddy and Terrence Laddus, but Gary C. Beasley, director of the Neighbors of Watertown, said renovations could start in 60 to 90 days, though that is up to the developers.

Neighbors of Watertown will start facade improvements in the next couple of weeks.

The remaining 10,700 square feet available for lease are sprinkled around the Marcy Building with room on the third floor for six to eight offices, a ground level storefront on the Factory Street side and two on the State Street side available.

Mr. Beasley said he is in negotiations with a store to rent 1,700 square feet on the State Street side but wouldn't reveal who it was.

Neighbors of Watertown has about $100,000 available to do renovations to some of the space that would be repaid through higher rents. Otherwise, new tenants would have to prepare their own space.

"We are on track," Mr. Beasley said. "I'm very comfortable with the tenants. They are interacting and feeding off each other very well."

A main goal of Neighbors of Watertown was to convert the financing for the building from interim construction loans that are at a higher interest rate to a 30-year regular mortgage. The building had to be 70 percent occupied to do that, so the conversion process has now begun.