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.