Three long-vacant properties in downtown Owensboro are now for sale, giving prospective business owners and investors a chance to help shape the city’s next phase of growth.
Local realtor and developer John Ross Martin, who has been involved in previous downtown projects such as 105 West Third Street and 210 Allen Street, said each property offers flexibility and prime positioning for redevelopment.
The listings include:
- 107–109 West Third Street, located across from Truist Bank. The property offers more than 5,000 square feet, with two street-level retail units and additional space upstairs that Martin said could be converted into apartments or offices.
- 511–513 Frederica Street, the former Trisons and Trophy House building. The large white structure includes four ground-floor retail spaces and upper floors that he said are suitable for residential or office use. The building totals more than 12,000 square feet.
- 501 Frederica Street, a corner property at Fifth and Frederica that formerly housed a detail shop. It includes a three-bay garage and office area totaling just over 2,000 square feet.
Martin said all three properties are for sale, not lease, and are zoned B-2, which allows for mixed uses including retail, office, residential, or restaurant conversions.
“The three-bay garage could most definitely be a coffee shop or a retail space,” Martin said. “It’s an attractive version of a new concept. And with the proximity to the sports complex, convention center, and hotels, it’s a prime location for something unique.”
He added that incentives are available for downtown redevelopment through the City of Owensboro, including a 50 percent matching grant up to $25,000 per project for renovations. He also said additional assistance may be available through the Monarch Project, which offers up to $3 per square foot in rent subsidies for qualifying tenants.
“Owensboro has money available for any project downtown that’s renovated,” Martin said. “There’s also support through the Monarch Project, so whether someone’s buying, renovating, or leasing, there’s help available.”
Martin said events like Illuminate and the air show demonstrate the city’s commitment to bringing people downtown, making this an ideal time for new investment.
“The city wants to continue finding reasons to draw business and people downtown,” Martin said. “It’s such a beautiful space with so much going on. Now’s the time, and what an opportunity this is right before the end of the year.”
Those interested in viewing or learning more about the properties can contact Martin directly at 270-608-2412 for additional information.
