With a few strokes of a pen, it became official Friday, Jan. 9: Yellow Springs Development Corporation purchased the downtown buildings at 252 and 254 Xenia Avenue.

In doing so, YSDC assumed ownership of two vacant storefronts — most recently Yellow Springs Hardware and the Yellow Springs Toy Company — as well as the six residential apartments on the second stories of the two properties.

YSDC, a quasi-governmental nonprofit and community improvement corporation, bought the adjoining properties from the trustees of the estate of the late Bob Baldwin for $630,000 — money loaned to YSDC from Yellow Springs Community Foundation.

As previously reported in the News, YSDC members sought to purchase the buildings in the interest of economic development in the downtown corridor, and to maintain local control over their fate — that is, beating out-of-town buyers to the purchase.

What’s next for the properties — specifically what will occupy the ground floors — remains to be seen, YSDC representatives told the News earlier this week. What is certain, though, is that the six tenants upstairs are not in imminent jeopardy of losing their apartments, despite the change in ownership.

“Nor are their rents going up,” YSDC Executive Director Lisa Abel said.

Overseeing the living situations for the tenants and collecting their rents on behalf of YSDC is a newly hired property manager, Kimberly Wattermann, who said she intends to disturb the ongoing rental agreements as little as possible.

“I think we all have the best interests of the tenants at heart,” she said.

Wattermann has been a property manager in the Dayton area for 35 years. Locally, she has managed rental agreements for dozens of homes in Yellow Springs over the years, and she also manages some student apartments near Wright State.

Wattermann added that, should YSDC renovate its properties so extensively in the future that the tenants would need to temporarily vacate their apartments, she would directly assist in rehoming those six individuals.

“Since I’ve been doing this so long, I’ve been through most scenarios you can imagine,” she said. “But this is still a unique situation. I think I can help, provided I have direction from YSDC.”

According to the findings of a number of site surveys and evaluations, the buildings will require considerable repairs and renovations.

Ahead of Friday’s purchase, YSDC sought the following consultations: a structural engineering survey, asbestos evaluation, architectural assessment, fire safety report from Miami Township Fire-Rescue, environmental impact study, as well as surveys on the buildings’ roofs and electrical and plumbing systems.

Taken together, these studies were what Abel and other YSDC members have, up to this point, referred to as their “due diligence” phase of the project.

While the two buildings are in a “prime location and have historical relevance to the community,” the architectural assessment notes, they have nevertheless “suffered the consequences of continuous deferred maintenance over a long period of time.”

According to county records, the three-story brick building at 252 Xenia Ave. was built around 1853, and is one of the oldest buildings in Yellow Springs. The adjoining structure at 254 was built sometime in the following decades; a Yellow Springs insurance map from July 1895 depicts both buildings in their current locations.

The architectural assessment — penned by Earl Reeder Associates — continues: “A successful restoration would require a measured approach, beginning with correcting the most serious liabilities.”

Those include rectifying:

• Structural issues with the buildings’ foundations — particularly in the corners, and as evidenced by cracks in walls, bowing bricks and warped floors in the upper levels due to overloading;

• Asbestos in the plaster and flooring;

• Old “knob-and-tube” electricity circuits, with exposed wires and outdated panels;

• Undersized water service lines;

• A deteriorating and leaky aluminum roof;

• Out-of-code egresses from the residential spaces;

• Standing water in the basement;

Additionally, the fire report found that the buildings were not in compliance with code on eight counts, including broken or outdated exit signs, an insufficient number of alarms and amount of lighting in hallways, as well as a fire escape that doesn’t fully reach the ground.

It’s a daunting list of to-dos, but Abel remains steadfast. 

“There’s nothing in these reports that we find insurmountable,” she said. “Sure, there are some nights when I lie awake at 3 in the morning wondering how this will all work. But then there are these moments when I get so excited about the opportunity we have here to bring something really cool to Yellow Springs — that we can make this work.”

YSDC Board President Michael Slaughter was inclined to agree with Abel — fixing up old buildings is just a part of living in Yellow Springs, he said.

“That’s just how it is here,” Slaughter said. “And you don’t see folks tearing down their old homes, do you?”

Slaughter said that, at an earlier stage in the buying process, YSDC had approached the Baldwins with an offer lower than the asking price, owing to the extensive anticipated repairs. The Baldwins declined the offer with the intention to sell the buildings “as is,” and YSDC’s purchasing agent — village resident Shelly Blackman — advised YSDC members against continuing to pursue a lower-cost sale. According to Slaughter, repeatedly asking for a lower cost could have spurred the Baldwins putting the buildings up for auction.

But that didn’t happen, and now, with the keys in YSDC’s hands, some of the needed improvements are underway.

Recently, YSDC members have installed more fire alarms and carbon monoxide detectors, and brought in additional fire extinguishers. Soon, there will be more hall lights and better exit signs. Also brought into the mix is village electrician Paul Larkowski, who was recently tasked with replacing the old “knob-and-tube” wiring.

Meanwhile, YSDC is still actively searching for a project manager — a paid position that, according to the job listing, will “lead the predevelopment process, including due diligence, planning, financial analysis and stakeholder coordination.” The project manager’s work will ultimately “culminate in a development recommendation and construction readiness.”

Beyond making structural improvements and complying with codes, there’s still the tailor-made renovations needed for whatever eventually occupies the downstairs retail spaces. Past suggestions from inquiring villagers have included a local history museum, a visitor’s center, another hardware store, a gathering space, a unique retailer and more.

For now, nothing is determined and anything is possible, Abel said.

“We have quite a bit of flexibility,” Abel pointed out. “The two-year bridge loan from the Community Foundation also buys us a good amount of time to hear more from the community — What do you want?  What do you not want? We have two years to figure that out before the foundation collects their note.”

Slaughter added: “So, this means we have time to hold more town halls, have more conversations with folks. In a lot of ways, we’re trying to do this project differently than other recent ones that have happened in town. There have been recent happenings where someone comes in, says, “This is the plan,” and they go forward without any community input. We’re trying to do the right thing and involve the village in this process.”

To that end, a second town hall regarding the fate of 252 and 254 Xenia Ave. has been set for Wednesday, Feb. 11, 6-8 p.m., in the John Bryan Community Center. Like the previous town hall earlier this winter, this will be another chance for village residents to articulate their wants and visions for the downtown spaces, Abel said.