Buyer found for Park State Bank building

Remember when Dale Lewis, president of Park State Bank offered their Morgan Park building rent-free for two years to a business that would bring a least six jobs to the site?

That was in March. The Recession had forced the closure of the 90-year-old bank building that’s loaded with character, including a 20-foot ceiling, messanine level and walk-in vaults.

The bank got dozens of inquiries and several applicants.

And out of them, a business has been chosen that is taking it a step further and actually buying the building.

They were chosen because they came right into it with a purchase offer, Lewis said today.

She remained mum on who it is until an official announcement on Monday.

“Its an intriguing story,” Lewis said, though she won’t tell it until the press conference. But she provided some clues.

It’s a professional services company that left Duluth many years ago and is excited to return to recreate a presence here. It’ll bring professional-level jobs to the site.

Bank officials were down to two options — one business that would lease the building for nothing, the other that would purchase it for a major discount. That was the other possibility. Buy the 1,900-square foot building – which had been appraised at $175,000 — for a discount of $5,000 for each job it located in the building at 1106 88th Ave. W.

The move will create an office for the company in Duluth, while it continues to have offices elsewhere.

“The company sees new opportunity here and believes they will have no problem filling the jobs with people eager to live and work in Duluth,” Lewis said in an earlier statement.

The idea is to return the building to productive use, create jobs, boost the local economy and increase neighborhood traffic. 

One thought on “Buyer found for Park State Bank building

  1. Dumbest thing I have seen. The Park State Bank people have been parading this bankrupt little bank building around on NBC nightly news and milking it for everything they can get. In the process they decided to change the offer for free rent that drew NBC and are calling a news conferenc on Monday to announce a buyer for this small piece of real estate, and the parade goes on. I would suggest they simple sell the small building like everyone else and quit parading around with the building looking for PR that is only dragging them down. I guess goofy is and goofy does.

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