South End residents and visitors may have noticed some recent developments at the building in front of the light rail and next to the Spectrum apartment complex.
Argos Real Estate Advisors has been redeveloping the former warehouse space into a mixed-use office and retail condominium that’s 22,500 square feet. Its first buyer, ad agency Mode, will move into its nearly completed 7,000-square-foot office – marked by a cryptic-looking M logo out front – next Friday.
“They’re a perfect occupant for the project,” said Greg Pappanastos, a principal at Argos. “They’re a young company in years and in personnel, and a lot of their employees live and play in the area. They’re going to breathe new life into a building that has had none for several years.”
There’s been “some activity” on the building’s other spaces, Pappanastos said, but no bites yet.
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“We just got our site paved late last week and that’s really a driver for sales,” he said.
Part of the building – 5,000 square feet, to be exact – is devoted to restaurant and bar use, and that could be divided in several ways, depending on the buyer, Pappanastos said. There could be, for example, two 2,500-square-foot bars, a restaurant and bar at 2,500 square feet each or a big 5,000-square-foot restaurant or bar.
The development’s contract documents require that the 5,000-square-foot restaurant/bar space be operated only at night and on weekends.
“That helps us improve our parking ratio during the day for office users,” Pappanastos said. “At night when the restaurant and/or bar are operating, they get the benefit of almost exclusive use of 63 on-site parking spaces, which is something that is very difficult to achieve, especially in South End.”