THE ROSS BUILDING

THE ROSS BUILDING
RENOVATION

THE ROSS BUILDING IS NOW FOR SALE

$1,500,000

N. Eric Jorgensen
Member of
Ross Development, LLC,
Building Owner

The Ross Building, located at 201 East Front Street in Hattiesburg , Mississippi , was built in 1907 and was designed to serve as an office building. Over time, the building has housed retail establishments, professional offices, and apartments. Sensitive to the best of the building’s history and potential, I have recently finished the first phase of reconstruction of the building, which had fallen into extreme disrepair.

It is my hope that the building will become a premier location for professional offices, residential units, or a combination of both. Its restoration will also become a centerpiece of downtown Hattiesburg re-development.

A significant component of the renovation of the Ross Building involves the adjacent property located at 209 E. Front Street . While this property was previously listed on the National Register of Historic Places, over time it deteriorated to such an extent that it no longer contributed to the significance of the historic district and has officially been “de-certified” by the National Park Service. Further, the remains of the building may have created a safety hazard. The remains of the former structure that once occupied this site have been removed from the site. This property will be used in a support capacity for the larger Ross Building next door, and is included in the Ross Building purchase price.

The interior of the Ross Building was allowed to fall into a state of very poor repair. The building interior has been “gutted”, as the formerly existing interior partitions were badly deteriorated, and did not begin to comply with current fire or building codes.

Certain structural repairs were necessary. The building is completely made of poured-in-place, steel-reinforced concrete and, though structurally sound, steel reinforcement has been added for the poured-in-place concrete floors and repairs have been made to certain beams where some of the steel re-bar had become exposed and rusting. These repairs will ensure the building will meet all current structural codes for office buildings for many years to come.

Once the gutting and structural repairs were made, the following is a list of improvements that have been completed:

· New Otis traction elevator has been installed (using new computer controlled Variable Voltage/Variable Frequency elevator control system).

· Fire rated elevator shaft enclosure has been constructed.

· All exterior windows at the upper floors have been replaced with new, historically appropriate windows.

· All original ground floor exterior millwork has been replaced with historically accurate millwork.

· The masonry exterior of the building has been extensively repaired, re-pointed and painted.

· The 2^nd through 5^th floor floors have received a top coat of light weight concrete.

· The basement has been greatly improved with a new concrete floor and drain system to ensure the basement will remain dry.

· A 1600 Amp commercial-grade electrical switchboard has been installed in the basement and wired to outside mounted 1600 Amp main disconnect switch and service entrance conductors.

· A back-up generator has been installed.

· Some duct work for air-conditioning on the ground floor has been installed.

Except for repairs to the roofing and elevator machine room, which remain to be completed, the building is now just about ready for interior build out.

I have spent considerably more on the original purchase, interior demolition, and construction than I am asking for the Ross Building.

Originally, I was renovating the building for office space for a business I owned which I had planned to occupy the entire building, but in the early stages of the renovation I sold that business.

At that point, the market value of the building was not my primary concern, so costs were allowed to get ahead of market value.

So, instead of finishing the building for my own use, I decided to continue with the development of the property to get it into shape for build-to-suit office use. Besides the elevator penthouse and the roof, I think we are close to that point.

Now, as I have moved back "up north" after being in Hattiesburg for 15 years, I desire to sell the building since I am not really a real estate developer. Developing property for ones own business is one thing, developing property as an investment is quite another.

The purchase price includes all building materials stored in the building, the smaller two story building immediately adjacent to the Ross Building facing Short Street (formerly known as the “Meyers Building”, and the asphalt parking lot behind the Robert E. Lee building which is the building on the other side of Short Street.

During the planning of the construction I have had numerous conversations with the City of Hattiesburg regarding improvements to the side walks and street lighting around this property, and can state the City officials expressed great interest and support in doing what it can to make these improvements. Of course, I do not speak for the city nor can I make any guarantee regarding any commitment from the city.

All pictures on this web site were taken during August, 2006, and show the current state of the progress of the renovations of the building.

I can be contacted by leaving a message at MegaGate Broadband in Hattiesburg – 601-450-5000. Just leave your name and explain you are calling about the Ross Building, and I will promptly return your call.

Rick Jorgensen

August 25, 2006