605 Pearl Street now owned by Southeastern Ohio Port Authority
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The "compound" at 605 Pearl Street is now owned by the Southeastern Ohio Port Authority, marking the first big step taken by the Residential Revitalization Program partnership recently formed by the organization and the City of Marietta.
The property transfer from owner John Parsons was formalized shortly before noon Thursday.
SeOPA Executive Director Jesse Roush said the process was a smooth one, "and we appreciate him working with us." The property contains five parcels, roughly 0.50 acres.
There is no immediate plan to make changes at the site, since the long-range program aim is not only to eradicate blight, but to focus on parcels already owned by the city, strategically add adjacent parcels when possible, and turn the larger acreages into zones throughout the city that could become attractive residential development sites.
In other words, Roush explained, the program is intended to improve and increase Marietta's housing stock. In turn, that will become an important asset in attracting new economic development, as well as contributing to the overall well-being of the current population.
In the past, SeOPA has focused its property acquisitions on commercial and industrial properties. But Roush said the economic development agency cannot overlook the extreme need for housing in the area.
"We are actively recruiting developers with experience in residential construction and property management to partner with us on this program," Roush added.
Anticipated benefits of the program include long-term cost savings tied to a decrease in the public services required to mitigate blight; improved safety and quality of life for residents; and the ability to address known or unknown environmental conditions. End uses might also include recreational opportunities and green spaces, Roush said.
Roush said he would prefer not to publicize the sale price on 605 Pearl right now, so that possible additional purchases in the neighborhood could be priced on their own, without the comparison.
The City of Marietta has funded the revitalization program with an initial $65,000 for seed money, working capital and acquisition capital.
Roush noted that the Marietta-SeOPA program ties in nicely with the Washington County Board of Commissioners being designated last summer to receive $500,000 from the Ohio Department of Development for blighted, vacant or abandoned commercial or residential properties.