Published on Business Wire
CGI Real Estate Holdings, LLC, a Bloomington Indiana-based Cook Group company, purchased two buildings in downtown Canton, in June. The Randolph building, built in 1883, located at 3 & 5 East Side Square and 15 East Side Square are now being renovated.
“These are great old and once-vibrant buildings. It will be a joy to bring life back to them,” said Jim Murphy, President of CFC Properties, Cook Group’s real estate development and management company.
CFC Properties will manage both the renovation and leasing of the buildings, Murphy added. CFC is a property development and management company that emphasizes architecturally significant structures. CFC has been a leader in the revitalization of the downtown Bloomington (Indiana) area for more than 30 years and has been instrumental in other historic restorations in Indiana.
Once completed, the two buildings will consist of commercial retail space on the ground floor and well-appointed apartments on the second floor. Under the supervision of lead architect George Ridgway, Pritchett Bros. Construction has already begun the historic renovation of the buildings. Work to remove the exterior facade and stabilize the buildings has been completed. The project should be completed by the spring of 2009. “Pritchett Brothers, our general contractor, will do their best to hire and contract local firms to complete this project,” Murphy added.
“This is a great opportunity to expand into other markets doing what CFC does best; restoring older structures in a manner that preserves the past and enhances the character of the community,” Murphy explained. For more information about CFC, you can visit their website at www.cfcproperties.com.
Cook Group founder, William A. Cook, grew up in Canton and says that renovating this building is like planting a seed. “Once it blossoms, we anticipate the roots will spread throughout the community and nourish further growth,” he said.
CGI Real Estate Holdings is also in the process of purchasing the lot and burned outbuilding at 138-148 Main Street. The future use for that property has not been decided.
About CFC Properties.
Originally founded to finance loans to Cook Group company employees, CFC has evolved into a real estate development company with special emphasis on preserving architecturally significant buildings in Bloomington and south-central Indiana. The company works with local business and government officials to help strengthen the community fiber of downtown Bloomington through the development of valuable commercial, office and residential properties.
CFC’s restoration projects have included the Showers Plaza complex and Fountain Square Mall, both significant historic structures in Bloomington’s downtown district. The company also has developed new residential properties, including the innovative Bicycle Apartments project, Madison Park condominiums, Lincoln Place condominiums, The Kirkwood luxury apartments, and other properties.
CFC also joined with the Historic Landmarks Foundation of Indiana to stabilize and later restore the historic West Baden Springs Hotel in West Baden, Indiana.
Copyright Business Wire 2008