THE LANDMARK VIEW
The Wexford era appears to be over in Riverside. Good riddance.
The most visible local example of the kind of greed that brought the national economy to the brink of collapse and one in a long line of local examples of what happens when an over-inflated real estate market suddenly implodes, the Arcade Building is about to begin a new chapter in its 130-year history.
We wish the new owner of one of the state’s 10 Most Endangered Historic Places all the luck in the world.
For those hoping or expecting a quick turnaround for the building, we’d suggest lots of patience. With $1.3 million already promised as an investment in the decaying structure, it’s going to take even more to make it ready for actual use by tenants.
And, according to those who have knowledge of the owner’s intentions, residents shouldn’t expect much in the short term. The best we can hope for at this point is that the exterior restoration approved by the village is carried out, that the missing art glass windows are found and that the building is code compliant.
Beyond that, it may take a general recovery of the market before the Arcade Building begins to show signs of life.
Which means that the good news of a prospective new owner for the Arcade Building needs to be tempered with the same kind of vigilance to make sure the building doesn’t become a perpetual eyesore in the downtown business district.
One of the more heartening signs is that the new owner is himself a building contractor who has developed properties in the past. He’s not some shady speculator trying to make a quick buck in an over-hyped market.
This is going to be a painstaking process. While the village must do everything it can to encourage the new owner that the Arcade building needs to become a contributing property, it should maintain its desire to see that building also remains a contributing historic landmark in a historic village.
Finally, both the village manager and village president recently mentioned that it is a good thing that there is a name and face associated with the building rather than a bank.
But to date, while people now know the name, few know the face or have heard the voice. While understanding that the buyer shuns the limelight, the Arcade Building is a very public structure, a pivotal downtown building.
The owner of such a structure should not be reluctant to personally explain his plans and dreams for the building to residents for whom it is so important.