Developer unlocks deals for downtown properties
David Box just wanted to buy the Momentum Building, which at 1111 N Harrison is a prominent connection between Deep Deuce and Automobile Alley. But over several months in late 2017 and early 2018, Box and partner Tommy Garrison ended up buying multiple limited liability companies from the investors that owned the Momentum Building, with additional transactions leaving Box the owner of three other downtown properties, each of which he felt had fallen short of realizing their full potential. That move, in turn, has led to flips that are set to unlock development of two more visible properties that languished for years while a hightech company is set to fill the empty Momentum Building. The Momentum Building was redeveloped more than a decade ago, but while the retail wing of the former home of Mistletoe Express has continued to do well, the adjoining office building struggled to maintain occupancy and had a large basement that remained empty. The building with its triangular shape with multiple levels is now being redeveloped, and Box is exploring ways to develop the basement and at a later date possibly build a rooftop bar. “The Momentum Building is a puzzle,” Box said. “And I love going in there — it makes me feel like kid walking through it.” Tailwind, a 15-employee firm executives describe as “data nerds and startup veterans” with backgrounds at Google, YouTube and Merrill Lynch, will anchor the redeveloped Momentum Building, creating further opportunity for the stretch of Automobile Alley west of Interstate 235 to connect with the aspiring innovation district east of the highway. Momentum is a keeper for Box, who also intends to keep the former Irving School at 410 N Walnut Ave. That building is now home to Manhattan Construction and Wallace Engineering. Box’s purchase of the Irving School then led to his buying the adjoining century-old former School Board Building at 400 N Walnut Ave. Box sold 400 N Walnut Ave. last month to Ryan Whaley Coldiron Jantzen Peters & Webber, a litigation, energy and environmental law firm that is on a fast track to historically restore the building as their future home. “You want to make it work, but if you don’t, you want to sell it to someone who will be a good steward for it,” Box said. “And you want to focus on what you do well, take care of the tenants you have and make stuff better.” The next and final piece of the purchases is the 2.5-acre undeveloped land that wraps around the east, north and west sides of the Garage Lofts at 113 NW 13. While the Garage remains separately owned, Box acquired land that had remained vacant since a fire destroyed the former home of Brown’s Bakery at NW 13 and Robinson while the corner of NW 13 and Broadway had remained empty since a car dealership on the property closed in the 1990s. Box turned around and sold the land Oct. 31 to The Hub at Midtown for $3.4 million. Richard Lebarthe, who put together the deal to build the Walker Building in Midtown for Mass Mutual and Farmer’s Bank, is leading the redevelopment at NW 13 and Broadway. He declined to discuss plans other than to say a master plan is underway. Box, meanwhile, assures that Lebarthe’s purchase is far from speculative and does include a likely anchor tenant for new construction on the block. “I knew he was for real,” Box said. “I know he will move forward with this. That’s the toughest part of all this, not knowing who is going to do something and finding out who is best to move it forward.”