Prominent Auburn office building shows signs of life
A symbol of the Great Recession, a long-empty mystery monolith on Auburn’s Elm Avenue is finding new life in a recovering economy.
The prominently placed four-story office building on the edge of Downtown Auburn is under new ownership -- and attracting new tenants -- after shedding the wire security fencing that had marked its partially completed status.
The Saratoga Group real-estate finance business, relocating from
Saratoga Group CEO Sam Hales said the move from
The Saratoga Group, which is slated to open offices in
Vistion Mortgage, a lender in the real-estate business, has also moved into the building. Hales said that, with good access to Interstate 80, the office building would also be a good fit for attorneys, accountants and other professionals, as well as businesses connected to real estate.
“And we’re in discussions with a national tenant who would take the rest of the building,” Hales said.
As a landmark building in a good location, 373 Elm was hard to pass up, Williams said.
“We’re pretty dynamic because of the changing marketplace,” Hales said.
After winning approval from the Auburn City Council in 2002, Hillesheim – former owner of the now-shuttered Lavello Spa Salon in
But as the economy slowed, so too did the project and it was eventually forfeited to a bank, becoming a prominent symbol of the burst real estate bubble. Saratoga bought the property after the bank had sold it to a new owner, who had completed much of the initial construction project.
On Monday, Ellis & Ellis Sign Systems of Sacramento raised a symbol of the long-empty Elm Avenue building’s rebirth – the first permanent, prominent sign displayed on its exterior advertising a business inside.