A two-day online auction begins today on a well-known Phillipsburg building that had previously been considered as a new location for city hall but is now at the center of redevelopment plans in the region.
Known as the Elks Building, the South Main Street property is being sold in partnership between Paranee Properties of Bethlehem and Ten-X Commercial, an online commercial real estate auction site.
It’s a property that those promoting revitalization in the area said could set the tone for investment in Phillipsburg’s downtown.
Bidding starts at $100,000 and includes the five-story Elks building and two surrounding properties and a lot.
Joe Paranee of Paranee Properties said a walk-through he conducted at the site yesterday was successful.
“We had a lot of interest,” Paranee said. “We’re expecting a good result from the auction. It really is the crown jewel of the redevelopment.”
The buildings can be used for a combination of residential and commercial uses, according to the auction site.
75. S. Main St. already has approvals for the development of eight upscale apartment condos.
The other buildings already have three apartment units, all of which are currently occupied.
Paranee is promoting the property as part of an Urban Enterprise Zone and of a Qualified Opportunity Zone, and notes its ease of access to major highways including Routes 22, 33, and 611, as well as Interstate 78.
Click HERE for more information on redevelopment efforts in downtown Phillipsburg.
Click HERE for the auction site.