“Normally I would not stand at this podium and tell you I’m excited about a local business closing down, but tonight, due to the proposed purchase of 402 Main St. ... it is my understanding this establishment is closing at the end of the month, due to this pending purchase,” said Tom Vanderhorst, the city’s executive director of external services.
“The city has reached out to the new purchaser, and has agreed to a price of $190,000 to buy this property,” Vanderhorst added.
The city’s plan, Vanderhorst said, is for Hamilton to combine that property along with two others “to trade with the CORE Fund for two improved-upon parking lots,” Vanderhorst told City Council on Wednesday. He later said the city is working to assemble properties of “equal value” to trade with the Consortium for Ongoing Reinvestment Efforts (CORE) Fund, a nonprofit organization that has been leading the way in redevelopment of Hamilton’s downtown and Main Street business corridor.
Peter Tomaino, owner of VIP Video, was surprised to learn the city was planning to purchase the property, where he has operated the store there about 30 years. He said the store in Millville, at 945 Walnut St., will open back up, after being closed about a year because of flooding.
“I sold it for $160,000,” Tomaino said. “He only bought it a month or so ago.”
“I think that’s terrible,” Tomaino added, when told of the city’s plans to buy it. “I sold it because the guy said they’re going to build something on the whole block, and now I find out the city’s buying it.”
After considering it for a while, Tomaino said that when you sell a property, it only makes sense to do so for a profit. He said he wished Wilson and the city luck, and is pleased to see Hamilton experiencing a business renaissance.
The video store property is diagonally across the intersection of Main and E streets from the former Ritzi Body Shop, where Agave & Rye plans to create one of its restaurants/bars.
“Good luck to him,” Tomaino said about the property’s current owner. “I got paid for the building, so no worries.”
Vanderhorst told the Journal-News it was never Hamilton’s intention to make the purchase through Wilson.
“The city was dealing with Mr. Wilson on some other business matters and it just so happened that he told us he had purchased the VIP Video store,” Vanderhorst said. It was never the city’s intention to have him buy the building but due to the importance of that corner to the surrounding development of historic Main Street, the city asked Mr. Wilson if he was willing to sell the property.”
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