Fairmount Properties looks to purchase DuBois property
DetailsCreated on Monday, 03 October 2011 23:11 Hits: 828
A managing principal at Fairmount Properties confirmed Monday the development company is looking to buy the recently closed DuBois bookstore property.
John DuBois, general manager of DuBois bookstore, previously said he was talking to a development company that was interested in purchasing the DuBois property.
“We’re that group,” confirmed Randy Ruttenberg, managing principal at Fairmount Properties. Fairmount is the developer behind the Ametek and Davey Tree projects downtown.
Ruttenberg said the purchase is still in the planning stages, so it is too early to tell what the replacement property will be.
“We’re working collaboratively with the university to determine together what’s the most appropriate use for that property, whether it be a private development or more institutionally related to the campus itself,” Ruttenberg said.
Fairmount Properties is finalizing its due diligence, but Ruttenberg said the final plans should be set in the next 30 days.
For now, Fairmount Properties is focusing on its development projects in downtown Kent, Ruttenburg said.
“Our focus, at this point, has been moving the mixed-use project downtown across the goal line,” Ruttenberg said. “Until we reach that point, our focus is going to be less on DuBois and more on this mixed-use project.”