Watching a potential winter storm. Cloudy with rain and snow this evening, becoming all snow overnight. Low near 25F. Winds NNW at 10 to 15 mph. Chance of precip 100%. 3 to 5 inches of snow expected..
Watching a potential winter storm. Cloudy with rain and snow this evening, becoming all snow overnight. Low near 25F. Winds NNW at 10 to 15 mph. Chance of precip 100%. 3 to 5 inches of snow expected.
Updated: March 11, 2022 @ 8:42 pm
Fairmont, West Virginia
Shaun Petracca speaking to the Fairmont Rotary Club March 10 in the Fairmont State University Falcon Center.
Shaun Petracca gestures to some of the renderings of what the finished condominium project will look like on the Fairmont riverfront.
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Shaun Petracca speaking to the Fairmont Rotary Club March 10 in the Fairmont State University Falcon Center.
Shaun Petracca gestures to some of the renderings of what the finished condominium project will look like on the Fairmont riverfront.
FAIRMONT — Condos in Fairmont are a risk, but it’s a risk Shaun Petracca is willing to take.
“It’s an aggressive project, no doubt. Is there risk that it can’t be done? There definitely is,” Petracca said to the Fairmont Rotary Club Thursday morning. “As long as we get to that pre-sale mark we can secure financing. I’m hopeful.”
Petracca, a real estate broker for Eastern Valley Associates, has teamed up with Pickering Associates to develop Fairmont’s riverfront between the Million Dollar Bridge and the Third Street Bridge just next to Palatine Park.
The plans call for a building of condos complete with a private marina and covered parking. The bottom floor would include a restaurant. Next door is planned to hold office space, multi-family housing, a public pier and several shopping options.
Overall investment is estimated to be $22 million.
Thursday, Petracca gave an update regarding where the project is in its development currently. Right now, the property needs some more pre-leasing before the project can obtain financing.
“In order for this particular project to qualify for financing we have to be to 75 percent or better pre-sold of pre-leased,” Petracca said. “Our whole goal has been to market the property, through those efforts, we’re just under 60 percent.”
In October 2021, Petracca stood in Palatine Park alongside county and city representatives and announced the proposal and had sold a scant 25 percent of the property at that time. He and his team have made progress, but the last 20 percent will be the real challenge.
“Once we hit that mark, we can get financing and actually start construction,” Petracca said.
Construction will bring an entirely new set of obstacles. With material prices still high from the pandemic, the progress will be slow. Petracca was unable to give a timeline, but he’s hoping that by the end of this year they’ll secure the pre-lease threshold and begin ordering materials.
One of the local leaders who stood by Petracca during his October announcement was Tina Shaw, president of the Marion County Chamber of Commerce. Shaw is also a member of the Rotary Club who listened to Petracca’s presentation.
Shaw is just as excited to hear the progress as she was to hear the announcement last fall.
“It’s a very exciting project for Marion County and I’m excited to hear it’s almost to 60 percent there,” Shaw said. “We have high hopes for the project and we think Marion County will be all the better for it.”
The goal of the project is to add high-quality living spaces to the riverfront and to attract higher profile residents to the area.
The prices of the units give that goal away, coming in at $500,000 for a 2,000 square-foot condo complete with two covered parking spots and a boat slip.
As Petracca said before, the venture is a risk, but one that has the support of local organizations and businesses.
Brad Merrifield, president of Main Street Fairmont and a former Fairmont mayor, said he believes the project could change the face of Fairmont.
“What people don’t look at sometimes is that it’s not just about this development, it’s about the next thing that comes. It’s not about ‘A,’ it’s about ‘B, C and D,’” Merrifield said. “They’re going to start coming like crazy once we get this finished. … It could transform Fairmont in a big way.”
Reach David Kirk at 304-367-2522 or by email at dkirk@timeswv.com.
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