Attorney Akim Anastopoulo recently purchased the 93-year-old Rainwater building, which is across from his law office at 150 West Evans St. that he has owned for five years. Anastopoulo says he bought the Rainwater building two weeks ago because of the progressive changes happening downtown.
"It's going to need a lot of work, and of course the roof needs work," Anastopoulo said. "I'll be the second owner since 1920, and the building needs a complete revitalization. With my office across the street I knew it was for sale, and after I saw what a great job they did with the hotel, I wanted to be part of this growth downtown."
J. Thomas "Tommy" Truluck, principal and vice president of Palmetto Commercial Real Estate, had the listing for the property that was reduced from its original $249,000 list price to $175,000 and sold after six months for a bit less than that. The property, owned by George Edward Glass Jr. and William Sidney Glass, was on the market prior to Palmetto's listing and property records show the building is valued at $53,052.24.
"This building will lend itself nicely on two upper floors if someone wanted to do apartments or loft apartments or something to that effect you see in the bigger cities with windows all over," Truluck said. "It could be divided into two or three loft spaces. It needs a lot of work and needed someone like Akim that is financially able to do it and is not too afraid of taking a chance with downtown Florence."
Anastopoulo said crews are now in the process of clearing out the building and did not provide specific details on what could be going in the building that needs an estimated $1 million worth of work.
"I want to make it something that keeps the progress going in the downtown area," Anastopoulo said. "The downstairs would be commercial – say a restaurant or bar – and upstairs could be endless things like residential, conference rooms, a place for weddings, meetings – it could even be a place for schools to use."
The three-story 15,000-square-foot building has an intact exterior with details like geometric, Art Deco style cast stone and symmetrical windows. The facade changed very little in the near century that it was in use by the Rainwater-Glass family, but did have an aluminum frame awning in the front similar to other downtown building facades, which are in the process of being restored after years of "modernization" attempts.
Recent downtown projects are currently focused on dining and office space, such as the new Victor's Bistro, Dolce Vita Chocolate and Wine Tasting Room, with other establishments in the works. Meanwhile, investment firm Hilliard Lyons and law firm Haynsworth Sinkler Boyd, P.A. plan to move their offices into the Waters building next year, and Corey E. Phillips with Edward Jones and Raines Development Group are moving into renovated space in the Barringer building in the coming months.
Developer Chris Scott of Pearce Land Company (who is involved with partnerships at both buildings) said businesses continue to show interest in downtown.
"I was just on the phone with another group interested in moving down here," Scott said Tuesday. "It's not necessarily big square foot types, but big names looking to possibly move their offices down here."
While businesses continue to show interest, residential interest is bubbling under the surface as large restoration projects start taking shape. Florence Downtown Development Corporation manager Ray Reich says interest to create housing is there.
"Residential is a priority, both loft apartments in existing buildings and new construction," Reich said. "We are working with several different developers on downtown housing projects. Nothing is to the point where we can provide details."
