By: Denice Thibodeau
By this time next year, the Ferrell Building — the crumbling, boarded up structure at 533 Main St. in the heart of downtown Danville — will be completely remodeled and ready for occupants in its apartments and commercial spaces.
One of its new owners, Patrick Reilly, also promised the unattractive, wooden walkway in front of the building will be gone by May 31.
Reilly, project manager/principal with Rehab Development in Winston-Salem, N.C., said principals from his company partnered with Level 2 Development, in Washington D.C., to bring the project together and form Ferrell Historic Lofts LLC.
The deal was closed Dec. 28, and Reilly said this project would be moving quickly.
“We got the stabilization permits today (Jan. 6) and workers will be on it within 10 days,” Reilly said.
Reilly said the 17,224-square-foot building will be divided into 13 market-rate apartments, but 1,500 square feet in the first-floor storefront area will be reserved for commercial space.
“These will probably be the nicest apartments in Danville, but calling them luxury apartments would be presumptuous on my part,” Reilly said. “But they will be fantastic apartments.”