FOLEY – With the end of 2018 came the Cactus Café building returning to market, as the group interested in purchasing, the Azalea Fund, withdrew from their contract with the City of Foley. The …
FOLEY – With the end of 2018 came the Cactus Café building returning to market, as the group interested in purchasing, the Azalea Fund, withdrew from their contract with the City of Foley. The withdrawal came after an appraisal of the building showed numerous points that would need addressing before the location could be returned to working function.
At the time, City Administrator Mike Thompson stated other offers had been made on the building prior to the contract going to Azalea Fund. One potential buyer was Katapult Properties, a commercial real estate property out of Fairhope. Katapult Properties is offering to purchase the building for $100,000 with 180 days due diligence, terms that the city has agreed to.
“Unfortunately it’s going to take a while to get the building operating and functioning within our downtown, but the good news is we have Katapult Properties who’s interested in taking on the project,” said Thompson.
Jeremy Friedman with Katapult Properties states the company is excited about the future of the downtown area, and excited to be part of the project. Katapult is planning to utilize potential historical tax credits, both federal and state, to assist in funding the renovations to the Cactus Café building. The deadline for these tax credits is 2022, but Friedman hopes to get an application and potential designs submitted within six months to better secure the credits.
“We expect the downstairs of the building to become a combination of retail and restaurant, and the upstairs to turn back to offices, and possibly even residential,” said Friedman. “Whether it becomes short-term rentals similar to Airbnb or not, some type of residential.”
Friedman stated the team would try to work along with organizations such as Main Street, Alabama and the South Baldwin Chamber of Commerce’s Gateway Initiative team to renovate the building to integrate into future plans for the downtown area.
“This is a big project, the city wants to get that location productive and functioning once again,” said Council President Wayne Trawick.
For more information, visit the City of Foley’s website at cityoffoley.org.