One thing that Millennials (and many of the rest of us) appreciate in an urban landscape: authenticity. Not all older structures add to that sense, but saving many does boost a neighborhood's overall appeal.
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Recently the 28k SF Neighborhood Theatre, a multi-tenant retail building at North Davidson and East 36th in NoDa, traded for $5.6M. According to Trinity Partners' David Morris, who brokered the deal with colleague Dunn Mileham, they worked "to find a new owner that specializes in redeveloping structures to preserve and enhance the architectural integrity and authenticity of meaningful older properties.”
The buyer, he tells us, fit that bill. 36th & Noda LLC, led by LCRE Partners' Jon Dixon, has experience with adaptive reuse of older properties, including recent redevelopments of Central Crossing in Plaza Midwood and The Foundry in 3rd Ward.
Earlier plans by previous owners had called for residential redevelopment of the property, but those didn't pan out. Jon's team plans to preserve the building, while investing in various improvements to maintain it as an important entertainment and retail hub in a growing neighborhood. Besides Neighborhood Theatre, other tenants include Boudreaux’s, the Sanctuary, Salud Beer Shop and FuD at Salud. The seller was North Davidson Acquisitions.
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