Tuesday’s real estate focus featured the renovations at Cherokee Arms Apartments to bring the 30-unit complex at 1508 Madison Ave. up to code.
Memphis native and California resident Dana Gabrion bought the building in 2010. She also owns a pair of rental properties in Midtown, as well as the Talbot Heirs hotel and the Nylon Net Building at 7 Vance Ave. Downtown.
She snatched up the latter this time last year for $110,000, adding to her portfolio of assets that need a little TLC.
“It’s a pipe dream right now because honestly I’ve been so busy and overwhelmed with this Madison renovation that right now I’m fixing the roof leaks and just sort of stabilizing it,” Gabrion said. “Honestly, my dream come true would be a hotel. I don’t know if I can pull that off. It’s early and it’s a big undertaking. It’s either going to be mixed-use, multifamily or hotel.”
Gabrion candidly admits that she wasn’t in the position to buy the Class D warehouse when it became available, but just as with Cherokee Arms, she saw the building as one of her “orphan children.”
“I looked into for probably a year or two and when I reached out to the Center City Commission, they told me the best use for that building was to raze it,” Gabrion said. “And I just thought, ‘Oh my God, please don’t level that building.’ Once again, I didn’t want anyone to tear it down, so I bought it.”