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February 22, 2005

By Brian K. Miller

PORTLAND--Locally based Venerable Properties is in the final throws of renovating a small commercial building that has occupied a corner in the upscale Irvington residential neighborhood since 1916. What was most recently the Fifteenth Avenue Market, located four blocks north of Broadway, has been deconstructed and renovated to resemble its original Italian Renaissance Revival style and renamed Irvington Corner.

The first tenant in the 6,800-sf building also will have an Italian flavor. Venerable Properties developer Art DeMuro tells GlobeSt.com the shell and core will be complete next month and Mio Gelato, which sells ice cream and pannini sandwiches, is set to open two months later. DeMuro, who is in negotiation with one other tenant now, says he is holding out for the right mix of tenants to serve the neighborhood. Other potential tenants include a beauty salon or barbershop, a florist, dry cleaning drop off, restaurant or wine shop/bar, he says.

The long-time grocery store was owned and operated by the late George LoPiparo, Sr, for over 50 years. It was known by various names, including LoPiparo's Thriftway, Fifteenth Avenue Thriftway and 15th Avenue Market, until it closed in 2004. DeMuro, who lives three blocks away, entered into a lease-purchase agreement with the LoPiparo Family last year to redevelop the building offering from one to four commercial spaces. Although there are many retailers along Broadway, DeMuro says this is the only commercial building within the neighborhood.

"The historic building was gone; I saw potential to highlight the historic look but include modern appeal," he says. "A survey of neighbors showed a demand for closer, more accessible commercial businesses and services... in a setting that is better suited to the area's traditional architectural styling and urban plan."

The building has all new structural, mechanical and electrical systems and seismic upgrades. The new facade has seven-foot glass storefronts with wood-bi-fold doors and reed-glass transoms at each retail space, which open onto wide sidewalks and slate-accented patios. The asking lease rate is $20 to $29 per sf per year. Venerable's Craig Kelly is the listing broker.

(www.globest.com)

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