Lofts in store for Wheeler’s Furniture building

Morris Dock, owner of commercial construction firm MoDoCo Inc., is purchasing the three-story building, 401 South Ave., and its parking lot for an undisclosed amount from owner Dick Bennett, who is consolidating his two-store operation at Wheeler’s south-side location, 3861 South Ave. Their contract puts the sale’s closing date at June 1, but both Dock and Bennett say it should happen sooner.

Dock’s intention is to develop commercial space on the first floor and lofts on the second and third floors.

Dock said renovations, which could cost between $2 million and $6 million, to the 60,000-square-foot structure built in 1899 will be set on a fast track once he closes on the purchase. Commercial space and lofts could be ready for occupancy within six months of the closing date.

Few specifics are laid out, but Dock said he’s hoping for 12 to 14 lofts ranging from 1,000 square feet to 2,000 square feet, and it’s likely some will be leased and some will be for sale. Commercial space on the first floor will be leased.

Meanwhile, Wheeler’s Furniture is in the midst of transitioning out of the downtown building. Storewide promotions at the south-side store have been ongoing for several weeks to make room for an influx of merchandise from downtown, where closeout sales are about to begin.

Owner Bennett said he isn’t worried about losing customers who are used to shopping at the downtown store.

“They’re buying our merchandise; they’re not buying our location,” he said, adding that parking has been an issue downtown.

A 5,000-square-foot warehouse at the south store will be converted to showroom space, which will in total encompass 15,000 square feet, Bennett said. He estimates renovation will cost between $10,000 and $15,000.

Wheeler’s 7,000-square-foot outlet by the downtown store will stay in operation.

See SBJ’s Feb. 25 issue for more on Morris Dock’s plans for downtown and other changes in the works for Wheeler’s.[[In-content Ad]]