By Matt Freeze —<\/p>\n
OWEGO \u2014 After struggling for a few months to find a property manager, the Tioga County Property Development Corporation, or land bank, is seriously looking at managing the completed renovation project at 81 North Ave.<\/p>\n
The $905,000 renovation of the historic building was completed in October after a long process transforming it from a dilapidated building into a commercial ground floor with two-bedroom, one-bath apartments on the second and third floors.<\/p>\n
Each unit has a washer and dryer, back porches, and historic windows looking out over North Avenue.<\/p>\n
\u201cThe only thing holding us up at this point from getting tenants into those units is the lack of having property management,\u201d Land Bank Executive Director Sara Zubalsky-Peer said.<\/p>\n
\u201cI know it\u2019s not ideal for us to do it in-house,\u201d she said. \u201cHowever, we both feel confident putting this together as an outline, and then sending you all a package \u2014 very detailed \u2014 phone call service that we would use, software that we would like to use, and saying here\u2019s what the cost would be and who would be responsible for what.\u201d<\/p>\n
Zubalsky-Peer said that through all the conversations they\u2019ve had on the matter, it keeps coming back to in-house management being the best fit for the time being.<\/p>\n
She also said she understands that it would effectively make her an on-call employee, but the land bank would use an answering service to screen the calls, with non-emergency calls generating a report in the morning.<\/p>\n
\u201cIf it\u2019s a true emergency, then they would contact me, and I would reach out and contact somebody to handle the emergency situation,\u201d Zubalsky-Peer said.<\/p>\n
Further, she said they\u2019ve been looking at various draft policies, which are being reviewed by attorneys before board approval.<\/p>\n
\u201cIt\u2019s interesting because some other land banks are now moving in this direction as well,\u201d she said.<\/p>\n
Zubalsky-Peer said they could always sell the building outright, but the point of the project has been to serve as a funding stream: in case future state funding is reduced, they would still be able to generate funds to continue rehabilitation projects.<\/p>\n
Additionally, she said she didn\u2019t anticipate an issue with getting tenants, as some people have already reached out looking to rent.<\/p>\n
\u201cMaybe a year from now, we\u2019ll say this is not working out,\u201d Zubalsky-Peer said.<\/p>\n
Zubalsky-Peer previously said the apartments would be market-rate.<\/p>\n
(Matt Freeze is a Senior Staff Writer for The Morning Times.)<\/i><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
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