Barion paid $458,000 for an abandoned, half-vacant multifamily rental building in 2001 along with an adjacent lot. He immediately eyed another 2,300-sf city-owned lot as a potential parking area, and cleared it. "It took me seven Dumpsters to remove all the garbage from the property," Barion told the community development commission, which recently endorsed the land sale.
Financially, the deal is no gain for Barion. He is writing down three units to $130,000 to make them affordable, a total reduction of $164,000 from his profit margin. Market-rate units range from $189,000 to $269,000, which includes three new units in a building planned for 1458 N. Artesian Ave. The other six units are in the rehabbed multifamily building at 1456 N. Artesian Ave.
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