Wheeler's Furniture sells downtown landmark

Morris Dock, owner of commercial construction firm MoDoCo Inc., is purchasing the three-story Wheeler’s Furniture building, 401 South Ave., and its parking lot 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.

Downtown deal

Dock began casually suggesting to friend Bennett more than a year ago that he was interested in the 60,000-square-foot building at South and Walnut. Casual talks turned serious in October, and the two laid out their ideas over lunch.

“Things just seemed to fall into place,” Dock said. “We just felt good about dealing with each other.”

Neither Bennett nor Dock would disclose the building’s sale price, but Dock said they were both satisfied with its appraised value – $920,100, according to the Greene County Assessor’s Office.

Features of the building – built in 1899 and once a harness factory – couldn’t be more perfect for what he’s planning, Dock said. Concrete flooring on the first floor is ideal for commercial space, and few partitions in what is now Wheeler’s furniture showroom means little demolition will be necessary. Hardwood flooring and the potential for skylights on the upper stories are ideal for lofts, he said.

Not to mention, the 109-year-old building is in tip-top shape for its age, according to Dock.

“As a contractor, I go, ‘This is incredible work for 1899,’” he said. “This building is such a good structure. There are a few places that need some repair, but for the most part, it’s so sound.”

Still, the building’s premier location in downtown Springfield sealed the deal for Dock.

As soon as he closes on the purchase, Dock said renovations, which could cost between $2 million and $6 million, would be on a fast track. Commercial space could be ready within four months of the closing date, and lofts could be finished in six months.

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; Dock said he has picked up interest from several potential undisclosed tenants.

The interest for loft living is equally high, he said.

“I have talked to several people and friends of mine (who are) my age – I’m 61 – who said, ‘Mo, I’m ready to sell my house and quit dealing with it. I want to move downtown. I want to walk to the restaurants,’” he said. “I think we could sell this thing out so quick if we sell.”

Dock will use the building’s basement, once a parking garage in the 1940s and currently used as a warehouse, to offer permanent parking spaces to loft dwellers. The parking lot next to the building likely will have between 28 and 40 spaces for Dock’s commercial tenants and their customers.

The project architect is Esterly, Schneider & Associates, and Empire Bank is the lender. Dock, who also owns Twin Oaks Office Park, 909 E. Republic Road, as an investment property, is looking to utilize tax credits.

Migrating south

It’s been a busy few weeks at Wheeler’s South. Storewide promotions are making room for an influx of merchandise from the downtown store.

And in the midst of the transition, Bennett, 68, in early February landed in the hospital.

“I had some heart issues that are resolved now,” he said by phone Feb. 19 at St. John’s Hospital. “As soon as I get back, we will start the moving sale at the (downtown) store.”

When all is said and done, the south store will keep about 25 percent of its inventory, and the other 75 percent will be from the downtown location, Bennett said. Higher-end lines at the south store will merge with less-expensive merchandise from downtown to offer a wide range of price points, he said.

About 70 percent of Wheeler’s sales are special orders, so Bennett isn’t worried about losing business by reducing showroom space.

“Almost all the lines we have right now will be represented out there,” he said. “It’ll be a good deal for the customer, because basically, we’re lowering our overhead.”

Bennett also is unfazed by the thought of 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 was 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 also owns land next to the store that can house future expansion. He estimates renovation will cost between $10,000 and $15,000.

The approximately 20 employees downtown will transfer and join about 13 employees at the south store, Bennett said.

Meanwhile, Wheeler’s 7,000-square-foot outlet location by the downtown store will stay in operation.[[In-content Ad]]