$420K investment revives historic residences on Wealthy Street

By: Deborah Johnson Wood

Four historic homes across from the Wealthy Theatre will soon infuse the block with turn-of-the-century character thanks to development firm Bear Manor Properties. The houses, 1041 thru 1053 Wealthy, are the only residential properties in a block of shops and boutiques, and the developers hope their restoration efforts stimulate economic activity in the neighborhood.

"When we saw the opportunity to do this we thought it was a great way to make a significant impact on the district," said Barry Van Dyke. Van Dyke, 29, and his brother Jackson are managing partners of Bear Manor Properties. Their sister, Heather Van Dyke-Titus, is the firm’s community liaison.

Two of the homes are Vernacular Victorian with ornate exteriors; the other two are plainer. They range from about 2,000 square feet to about 2,500 square feet. Cheap paneling, drop ceilings, and circa 1970 siding were prevalent. One had fake fieldstone on the front. Two had garbage piled to the ceiling.

The firm gutted the homes and rebuilt them from the studs on up. High efficiency furnaces, cellulose insulation, new plumbing and electrical, energy-saving light fixtures, and new roofs were just the beginning.

"We had to create new turnings for some of the porches," Barry said. "We have pictures from the assessor’s office showing what they used to look like and we tried to match that as closely as possible."

They also refinished some of the hardwood floors and updated the kitchens. Claw footed bathtubs in two of the houses were kept and new stand-alone showers were added for functionality.

The firm’s total investment is about $420,000. The Van Dykes expect to garner historic tax credits for the renovations. The homes will lease for $950 per month to $1,200 per month.

Source: Barry Van Dyke, Bear Manor Properties

Photo by Brian Kelly

Deborah Johnson Wood is Development News Editor for Rapid Growth Media. She can be contacted at [email protected].

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