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Downtown Buildings Bought For Restoration
Former Executives and Local Investors Commit to Downtown Adrian Revitalization through Major Building Purchase and Restoration Estimated at $4.25 Million
Steve Hickman and Douglas Kapnick, retired executives of Brazeway Inc. and Kapnick Insurance Group respectively, purchase three downtown buildings for restoration and leasing opportunities.
Downtown Adrian’s revitalization continues as two Lenawee County natives plan to purchase three downtown buildings for restoration. Steve Hickman, retired president and current chair of Brazeway Inc., and Doug Kapnick, retired president and current chair of Kapnick Insurance Group, plan to renovate the historic buildings and return them to active use in the community as commercial and residential space.
Strongback Properties, LLC, a Michigan company formed by Hickman and Kapnick, plan to purchase the adjacent buildings at 101, 105, and 109 E. Maumee in Adrian. Current plans include having apartments on the upper floor and commercial space on the ground floor. Pending the State of Michigan’s involvement, this project will be moving forward with construction planned for fall 2015.
“Steve and I have been doing business in this community for a long time,” said Kapnick. “We value working and raising our families here. By supporting the Downtown Adrian revitalization effort in this way, we feel that we are creating the opportunity for the next generation to do the same. Economic development is not a one person job; it takes all of us working together in our own capacities on a ongoing basis.”
Kapnick is currently the chairperson of Lenawee Now’s board of directors and has been for three years. “Two people that exemplify the understanding of economic development are Steve Hickman and Douglas Kapnick,” said Jim Van Doren, Executive Director of Lenawee Now. “Both have been supportive of our efforts by way of their leadership. Now it is evident to the community just how much they want to see the local economy continue to grow because they truly believe in this county and all it can be.”
The buildings were in the Lenawee County Land Bank inventory. Marilyn Woods, the chair of the Land Bank, is supportive of the project. “This is the very reason the land bank was created: to encourage local development,” said Woods. “The buyers have a proven track record of making good, sound business decisions and we look forward to seeing the final product.”
As Downtown Adrian continues to undergo a renaissance with new stores opening regularly, city officials keep an eye on their citywide goals. “Once again, when it is needed most, our community comes together to invest in the revitalization of our Downtown, said Mayor Jim Berryman. The Mayor continued to say, “This extensive project will be the cornerstone for future development, not just on Main Street, but increased economic activity throughout the City of Adrian.”