A sizable property along a rapidly changing downtown stretch of Grace Street is up for grabs and likely destined for a new purpose.
The three-story, 38,000-square-foot building at 115 N. Jefferson St., at the corner of Jefferson and Grace streets, is on the market for $5 million.
Ann Schweitzer Riley, a broker with One South Commercial, has the listing with colleagues Lory Markham and Tom Rosman.
The property is owned by Tiffanie’s Manor For Young Adults LLC, according to city property records, and it’s used as an assisted living facility. The U-shaped structure sits on a third of an acre just north of The Jefferson Hotel and between old high-rise apartment buildings. It was most recently assessed for $2.7 million.
Tiffanie’s Manor could not be reached for comment Thursday afternoon.
The property, recognizable for its mission-style facade, is zoned B-4, which allows for a mix of residential, office and retail, as well as the ability to raze the site and go vertical up to 12 stories. The 93-year-old building also qualifies for state and federal historic tax credits.
The listing adds to a growing trend of investment within the vicinity.
NFL Hall of Famer Darrell Green’s Jewell Building was recently rehabbed at 316 E. Grace St. A local investment banker purchased the long-idle former Honey Shop building at 405 E. Grace St. last fall. And work is ongoing at 300 E. Grace St., which is being redeveloped into offices for a yoga studio, tea bar and apartments.