Inventure Properties Moving to, Investing in Downtown St. Cloud
ST. CLOUD - A development company is putting down roots in downtown St. Cloud. Inventure Properties has announced they'll be headquartered at 117 1/2 5th Avenue South, above the Endurance Shop.
President and CEO Doug Boser says this is the final step in their split from Boser Construction, which is based in Rice.
Boser says Inventure Properties' mission is three-fold.
It's renovation and rehabilitation of historic buildings. That's going to occur in a lot of downtowns, not only in St. Cloud, but throughout the state. And then it's taking brand new projects where people are looking for someone to own their building, develop it, design it, and construct it, but then keep the ownership through Inventure.
And, Boser says the third option is for companies looking to divest themselves of their existing buildings they can do a sale with a lease back.
He says it was important for them to be downtown because redeveloping old buildings in historic districts is one of their goals. They recently completed the renovation of the 501 St. Germain Building, and will soon be starting on the building next door.
We are in the process of the final acquisition of the 505 building, which is the old Whitney Land Company building, right next to the bank of St. Cloud. We'll be doing the same kind of process, ultimately refurbishing that building in the next year. Along with the Providence One Building, which will be a substantial addition to the downtown.
The Providence One Building is also known as the former Benusa building across from the St. Mary's Cathedral. Inventure Properties currently owns and manages over 16 properties.
Inventure Properties has four people working for them right now, but they are looking to hire an accountant. Boser says they will probably add more staff in the future.