Council hopes ‘Vault’ can key resurgence
Published 12:00 am Saturday, April 21, 2001
The Freeborn Bank building, also known as the Vault, is now in city hands, and it could be the key to revitalizing Albert Lea’s downtown business district, said City Manager Paul Sparks.
Saturday, April 21, 2001
The Freeborn Bank building, also known as the Vault, is now in city hands, and it could be the key to revitalizing Albert Lea’s downtown business district, said City Manager Paul Sparks.
The city made final arrangements last week to purchase the landmark building, along with the adjacent Jacobson apartment building, for $75,000. But the cost of renovating and developing the property will be much higher, Sparks said.
&uot;The facades on the building are attractive and in relatively good shape, but the interiors are another story,&uot; Sparks said. &uot;It’s going to take a total renovation to make them useful again.&uot;
The Freeborn Bank building, located on the corner of South Broadway Avenue and East William Street downtown, was built in 1922. It housed Freeborn National Bank on the first floor until 1974 and several office tenants on the upper three floors. For the last 25 years, the building has been empty and unused as it changed ownership, Sparks said.
The Jacobson building was also built in 1922 and housed businesses such as Henry Harm Jeweler, the Fashion Shop and the Firestone Store. The upper three floors contain several apartments. Both structures are on the state’s historic register, Sparks said.
The Vault building is a masonry structure, while the Jacobson building has a wood frame beneath its exterior, said city building official Paul Stieler. Both buildings have apparently remained stable over the years, he said.
&uot;They’re basically sound buildings,&uot; Stieler said.
The city has been interested in purchasing the buildings for several years, Sparks said, but the price wasn’t right – until last week.
&uot;It was right in line with what we were hoping to pay,&uot; he said. &uot;It’s a very reasonable price for such architecturally significant buildings.&uot;
Sparks said the city plans to make any immediate repairs to preserve the structures until they can find a developer interested in renovation. The buildings will be included in a tax increment finance district to offer incentives to prospective developers, he said.
&uot;Obviously, we want to find someone who will preserve the historic character of the buildings and make them a useful part of the downtown landscape again,&uot; Sparks said.
The rest of the block has a number of successful businesses and tenants, Sparks said. Renovating the Vault and Jacobson buildings would complete the picture, he said.
&uot;I would say those buildings are a crucial piece to downtown redevelopment. If they’re allowed to go derelict, they could threaten the rest of the properties in the vicinity,&uot; Sparks said.
The city owes a favor to local attorney Henry Savelkoul, Sparks said, because he arranged for the purchase and transfer to the city.
&uot;The city appreciates his efforts. It was important acquire the buildings before any more deterioration occurred. Every year more damage was being done,&uot; Sparks said.