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5/07/08
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The Silk Mill, a unique historic structure in the city of Petaluma, has been put on the market. Located at 450 Jefferson St, the 39.3k sf building was originally constructed in 1892 and staked its claim as the only silk mill west of the Mississippi. In addition, the structure is believed to be the only building north of San Francisco designed in the Georgian Colonial Revival style, a common motif among the 19th century silk mills of New England.
John Redwine and Vincent Schwab of Marcus & Millichap are representing the seller, the Petaluma Preservation Group. The property, which was designed by famed architects Charles Havens and Brainerd Jones, features classic brick construction and distinct three-story towers. It is listed for $6.25 mil, or $159/sf.
According to Redwine, “The building is listed on the National Register of Historic Places, which could allow a new investor certain tax benefits for rehabilitation. Due to the explosion of recent development in Petaluma, this property should be particularly attractive to both local and out-of-state developers and users.”
The Silk Mill is situated on 1.45 acres, just three blocks from downtown Petaluma, two blocks from the Theatre District and two blocks from the city’s new transit center. The city of Petaluma plans to vote next month on a new General Plan, a blueprint for the city’s growth through 2025, demonstrating the city’s commitment to revitalizing its commercial business district.
“The sale of the Silk Mill building is a key part of that plan because it would contribute to the transformation of a city block in an area near downtown Petaluma that is slated for major redevelopment,” explains Skip Sommer, general partner of the Petaluma Preservation Group. “There is overwhelming support by the city and its residents to salvage the building.”
The new owner will be expected to retain the original shell of the property, in an effort to maintain the historic integrity of Petaluma. As an adaptive re-use property, the asset will be repositioned to meet the demands of the growing Petaluma community. The asset could be redeveloped into an office, retail, hotel, self-storage or light industrial space.
Redwine says its best use would be a mixed-use project, or a luxury residential project with up to 30 lofts and additional townhome units.
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