1 pointI've heard also that the ceilings are pretty low on every floor. You'd almost have to look at turning every unit (if you went condo) into two-story loft style units. I can't see this becoming commercial space, again due to the low floor to ceiling heights.
1 pointThis could be very very good or very very bad. Low income housing is necessary, but Monroe Center really isn't the right place for a Federall-subsidized 100% low income facility. Hopefully the owners put some money into the place and charge market rent so that a nice mix of tenants moves in. They may even be able to get some Low Income Housing Tax Credits for the renovation if they reserve some of the units for low income. Any scenario like that would be a win for MC as Morton House becomes a housing option for a broader swath of the population. Of course, there is a also the potential for disaster. If the current owners don't have the money to put into the building or they sell it to someone who doesn't care about it, it end up going completely dark, which would create a huge black hole right in the center of downtown. I suspect the most likely scenario is the CWD or Locus snatch it up cheap, do some minor (first floor, please!) renovations and start renting it at a level slightly below their current properties to the south.