ANDERSON — The historic Union Building in downtown Anderson has been sold to a Colorado-based investment firm.
Dan Lewkowicz of Encore Real Estate Investment Services in Michigan said Thursday that the six-story building at 11th and Meridian streets was sold at auction in March.
Four Points Funding of Colorado has purchased the building, constructed in 1902, with a closing date of May 2, according to Lewkowicz, who did not reveal the purchase price.
“It’s a company that specializes in redevelopment,” Lewkowicz said. “The plan is for a mixed-use building with apartments, office and retail space.”
“I was not surprised at all,” he said of the sale. “It’s a tremendous opportunity to take it to the next level.”
Greg Winkler, executive director of the Anderson Economic Development Department, said that — given its location, size and history — the sale of the Union Building is an important development.
“It appears that the group purchasing the building is well capitalized and their plans for a mixed-use development appear to be appropriate given the needs in the community,” Winkler said. “I’m hopeful that their mixed-use strategy will include additional downtown apartments.”
A burst pipe caused major water damage in the Union Building in May 2024, resulting in occupants, including the Madison County Chamber of Commerce, moving from the building that year.
Lewkowicz expects renovation of the building to start this year.
According to the Madison County Treasurer’s Office, the facility has an assessed value of $148,860 for tax purposes.
Lewkowicz was also involved in the December sale of the First Savings Tower building, at 10th and Jackson streets in downtown Anderson, to M&M Enterprises.
Sid Mahant, owner of Mahant Transportation, and Mahesh Goel purchased the Tower, which is the tallest building in Anderson, from Mariusz Kurylo.
The long-range plan is to open a restaurant on the first floor in the former offices of First Savings & Loan. Mahant and Goel envision continuing to have office space available while developing space on the upper floors into apartments.
“We see some residential, for sure,” Mahant said, adding that it could include housing for senior citizens.
The Union Building and the First Savings Tower are within two blocks of each other.
“These are opportunities to add to the development in Anderson,” Lewkowicz said, noting that he has also been approached about selling the former Anderson Bank Building on Meridian Street.