For the past several years, developer Todd Palcic has made his living developing condos and apartment buildings in Downtown’s cultural district. Now he’s taking his talents across town.
Last week, Mr. Palcic completed the purchase of the former Graphic Arts building at 422 First Ave., with plans to convert the eight-story, red-brick structure into apartments.
“I think there’s a need for apartments on that side of town,” he said Thursday.
Mr. Palcic paid $800,000 for the building and another $350,000 for an adjacent lot, which will provide parking for those who eventually will be living in the building. CBRE was the broker in the sale.