To secure a lease of the Ironton City Center’s fourth floor, city officials might allow potential renters to perform needed remodeling of the space because of budget concerns.

Wednesday, August 16, 2000

To secure a lease of the Ironton City Center’s fourth floor, city officials might allow potential renters to perform needed remodeling of the space because of budget concerns.

Several individuals and companies have inquired about the available space but recent revenue losses have strapped the city’s ability to remodel the top floor of the former J.C. Penney building, Ironton Mayor Bob Cleary said.

"The companies that have inquired about that space are looking to lease it as remodeled space," Cleary said. "Unfortunately, the city does not have the financial ability to remodel the fourth floor at this time."

City officials say the renovation would cost an estimated $5 to $6 per square foot.

"We are continuing to negotiate the terms of a lease with one bidder currently because the city just does not have the money to do the necessary remodeling to the fourth floor," Cleary said. "We would like to lease that space the way it is and allow the tenant to renovate it according to their business needs."

A lease on warehouse-type space that allows the tenant to do developing according to their individual requirements averages $2 to $3 per square foot throughout the Tri-State, Cleary added.

He said the Tri-State average for office space ready for immediate occupancy ranges between $10 and $12 per square foot.

"We would consider leasing the space as it is for a minimum bid of $2 to $2.50 per square foot and allow the tenant to make the improvements they need for their business," he said. "In addition to the fourth floor, we currently have several first-floor spaces available. Those spaces would be a real bargain for anyone that has a small business in retail sales or office-type work such as an insurance agency."

He said minimum bids on the space in the City Center started at around $7 per square foot and include all utilities except for phone.

"An average cubical of about 388 square feet leases for about $350 a month," Cleary said. "We have three to four spaces available, depending on how individuals need space on the first floor divided up."

The spaces offer frontage of an atrium, a water fountain and green trees that can prove to be an excellent stepping stone for any business getting started, he added.

"I think the concept of having stores in the city hall building is a good concept," Cleary said. "People are always coming to the City Center for various administrative reasons such as paying water bills, income taxes or any other municipal need they may have and these locations are great for businesses."