Developers close purchase deal on Staats building

By From staff reports

CHARLESTON, W.Va. — The Staats Hospital building deal closed Friday, said Charleston Area Alliance President Matt Ballard.

The Gazette reported last month that Bullock Properties LLC was set to purchase the West Side building from REO America, a real-estate company based in Altamonte Springs, Florida. The company, which focuses on delinquent and defaulted real-estate loans and liens, bought the building at a tax auction in 2010.

“We believe a developer with local roots has a better understanding of the needs of the community, the importance and history of that structure, and why it’s important to the entire West Side of Charleston and more specifically the West Washington Street business corridor,” Ballard said of the Bullocks, who are Charleston developers.

The project — the largest undertaking for father-son developers John and Tighe Bullock to date — has received a lot of support from organizations throughout the city. The Charleston Urban Renewal Authority granted a $230,000 loan to the Bullocks this week. The Charleston Area Alliance last month voted to guarantee a $155,000 loan from First Bank of Charleston to Bullock Properties, which is redeveloping the historic West Side property.

The Alliance also gave a $15,000 grant, and two $20,000 facade grants were given. The Bullocks contributed $80,000 toward the building’s purchase.

A representative of Bullock Properties could not be reached Friday for comment.

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