It could take a lot to make 505 sparkle

At one time, the building at 505 N. Main Street was a hub of downtown activity.

It was home of First National Bank of Fremont, dental offices and attorney offices.

In 1999, it was renovated into a restaurant and club.

Today, some call the 505 Building an "eyesore" - one that could stay that way for many years to come.

"Over the past few years, people have expressed potential options of and possible uses for the 505 Building," said Kevin Wilkins, executive director of the Greater Fremont Development Council. "The problem is making it cash flow."

The 505 Building is "functionally obsolete," he said, adding it could take millions of dollars to renovate it into a functioning building again.

"It will take imagination, creativity and guts," Wilkins continued.

The trick, he said, is finding a viable option for the building, something that will generate success.

The problem comes from the cost to renovate the building so that it can be useful again, he said. It's generally less expensive to build a new structure than to renovate a historic building like that.

There was what seemed a viable option on the table a few years ago, said Bob Missel, who owns Sampter's clothing store next door and is president of the Downtown Improvement District.

A few years ago, when the building was owned by 505 Group LLC, members of the DID board approved a plan to renovate the top four floors into apartments with the first floor left for commercial use, Missel said. The plan also won approval of the Fremont City Council.

But that plan died when the current owners bought the building.

The building is owned by Front Street Property LLC, which includes James Barta as the owner, information obtained through the Nebraska Assessor's Office in Dodge County Web site stated.

Barta did not return phone calls seeking comment for this story.

Today, the building remains vacant with only dust and pests settling inside.

Missel said the businesses in the building years ago brought a vitality to that area of downtown that has been missing.

"The bottom line is that it hurts my business and hurting the downtown business district to have the most significant building - at least by size - vacant," he said. "It's frustrating. I'd love to see somebody take that property and turn it into something that is viable and enhance the business district.

"The best years I ever had sales volume wise were the years the 505 Building had an active restaurant and bar."

But Wilkins said no matter what happens to have building, it's going to take money.

"There is a cost involved in tearing the building down, too," Wilkins said. "That may be the consideration. Which is the least expensive? It would be great if we can find a purpose for it. The cheapest option would be to let it sit there and deteriorate until we can find a purpose for it.

"Eventually, something has to be done with it. It has to be renovated or torn down. But that inevitability can draw out for decades. At some point, it crosses the line from being an eyesore to being a public nuisance. Then you can condemn it."

But then whose responsibility is it to remove? Being against the building that houses Sampter's and being so close to commonly used sidewalks and parking spaces can cause other problems.

"Right now, it's a long way from being a public nuisance," Wilkins said. "It will continue to be what it is until somebody can find a viable purpose for it and has the fortitude to pursue the project. Who knows how long that will take."