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The Historic Goff Building, located in Clarksburg’s Central Business District, is anticipated to undergo renovations and upgrades.
Tristar Development Group, who purchased the building in February 2018, believes the building is ripe for urban development. The investors envision a multi-use facility which will include retail, office space and market rate residential apartments. A first floor, full service restaurant is also in consideration.
Rod Thomas, Managing Director of Tristar Companies, stated the company decided to purchase and renovate the Goff Building because it is such a spectacular structure.
According to Thomas, other factors that influenced Tristar’s decision were the new West Virginia tax credits for historic rehabilitation, the active support of local governmental officials and a market study. Thomas stated “We will redevelop the Goff property as an upscale landmark for the Clarksburg community. Tristar is currently looking for an experienced restauranteur to co-invest in a first class, full service restaurant in the Goff Building’s ground floor. We think Clarksburg and West Virginia in general have a lot of upside – we would love to evaluate other projects in the State.”
Clarksburg City Manager Martin Howe states the Goff Building has many potential uses and opportunities. In addition to, the WV Historical Tax Credit (25%), the Federal HTC (20%), New Market Tax Credits (30%), and the new Opportunity Zone, there is great potential and incentives for developers to invest within our Central Business District. The City will continue to assist the developer to foster a successful project.
This project preserves history and fuels future economic development. The City administration has communicated with TriStar Development Group continuously after their purchase as they are eager to bring this project to fruition. The City also assisted in facilitating a historic architectural firm with TriStar to assist with the planning.
Mills Group based out of Morgantown was contracted by Tristar Development of St. Louis to perform initial assessment and create plans for remodeling.
Michael Mills, managing principal the Mills Group stated, “The Goff Building is one of the premier historic buildings in the state of West Virginia. Originally the tallest steel structure in the state, making this a historic preservation and preeminent building. It is a great honor for the Mills Group to work on such an architectural significant building which we feel is a key to downtown Clarksburg.”
The Goff Building is positioned in the middle of a newly certified Opportunity Zone. The City administration submitted a successful application in early 2018. (story linked) Governor Justice selected and approved this census tract in Clarksburg, making it eligible to receive federal tax incentives and encourages private investors to make capital investments. The Opportunity Zone is another tool to assist in redeveloping properties.
The Goff Building is a nine-story building and has ample on-site parking. Tristar Companies purchased the building at auction for $412,500.
Originally known as West Virginia’s first skyscraper, the Goff Building was commissioned by Nathan Goff Junior in 1907. Construction began in 1910 and took a little over a year to complete. Original tenants of the building included Farmers Bank, Williams-Coffman Hardware Company, Bane and Bond and Hayman Greenhouse Company.