The Wagon Works, which was last used as office space, has been purchased by local developer Braden Fellman Group for conversion to loft office space. Fellman paid $3 million for the 110,000-sf, 1895 red brick building. The company plans to invest another $1.6 million for the conversion of the structure, including wiring to handle the latest high-tech demands. The building will retain its name.

Fellman has three baits for tenants. In that East Point is undiscovered as a hip place to locate, the company plans to offer low rates for space, $12.50 per sf--a bargain for loft office space in the metro market.

Another attraction is ample free parking and a third is the MARTA station just across the railroad tracks from the Wagon Works. All signs point to an OK from the Georgia Department of Transportation for $1 million in funding to build a skywalk to connect MARTA with the Wagon Works and the nearby Buggy Works, slated for condo-retail redevelopment. Fellman Group is also redeveloping a 1926 ice house in Decatur into loft apartments.