The sale of the downtown Winona condominium was finalized Tuesday. New owners Richard Huber and Allan McCormick of La Crescent purchased the condo and Tri-Mac Lumber property for $1.4 million.
Huber said the true expense is hard to judge. He hopes to finish exterior work on the condo building by the end of the year and begin work inside the structure. When all is said and done, he estimates the property and work will cost $3 million.
“The best and highest value of that building is good quality condos on the water,” Huber said. He added that he looks forward “to finishing those condos the way people would like them to be finished.”
McCormick and Huber plan to sell condo units for $250,000 to $350,000 and customize them however buyers like. Framing on a top floor unit is already complete.
Huber plans to demolish the Tri-Mac building and either sell the property to other developers or construct more condo buildings or a hotel there.
The condominium structure was originally built by Dave McNally. Financial trouble stalled the project. The city created a new zoning district around the condo with few rules in order to promote development to facilitate the project. When news that it might change hands broke this spring, the city used an emergency moratorium to halt other development in the loosely zoned district.