It's unchartered territory for the City of Montgomery. But a chain link fence could be the domino that sets the others in the plan in motion for lower Dexter Avenue.
Jeff Downes, Deputy Mayor of the City of Montgomery explains, "Until the city was willing to be a property owner were developers willing sink their hard-earned money into the properties, making this collective vision a reality."
The first dream to take shape: 78 Dexter Avenue, purchased by Lewis Rubio from the City of Montgomery. It's a dream that will require construction from the ground up. Millions of dollars just to bring it up to code.
As for all of city's lower Dexter properties Downes says it could be a collective investment upwards of $30,000,000.00
Downes says the prorated prices won't hurt the market value of surrounding properties. If nothing else, each renovation will increase the overall value of lower Dexter; possibly allowing the city to sell other properties at a higher price.