Thursday, July 19, 2012

CPI Building "Jumped"

News broke today that the struggling CPI Corporation agreed to sell it's downtown real estate - including its headquarters building to investor Dave Jump.  Parking lots between Kingbee and Moon Brothers, between the CPI Building and Ely Walker, and a few other parcels were sold to help the struggling company in restructuring as ordered last month.

Every time this company's struggles make the news, we look at this fantastic building and wonder what could become of it.  Not that it would be feasible to turn it into lofts, but having it be converted to first level retail with commercial on top could add a nice element to this part of Washington Avenue.  The surrounding buildings would likely benefit.

Full terms of the July 12 agreement weren't publicized, but its likely that the CPI Corp has a lease-back provision in the sale and will remain in business at that location.  Hopefully for a long time.

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