The new owners of Farmers Tobacco Warehouse property haven’t decided how they will develop the commercial site on University Drive.
Marce Absher and Brook Ping, two of the owners of Stonebrook Development, purchased the warehouse and eight acres. The property, owned by the late Somerset businessman W.O. “Bill” Newell, was sold at public auction Friday.
Absher said the commercial tract has “a lot of potential,” but it is premature to discuss future development of the site.
“There is nothing definite in our future plans. We are opened minded to several possibilities,” Absher said Monday.
Absher is certain about one thing: “We won’t be using it as a tobacco warehouse.”
Most tobacco is marketed directly to tobacco companies, eliminating the need for warehouse sales.
The tobacco warehouse, built more than a half century ago, was put up for auction following Newell’s death. Newell was a respected businessman and recognized for his long-standing community service to the Somerset-Pulaski County Airport. He served as board chairman up until the time of his death.
Auctioneer Samuel Ray Godby, whose realty and auction company handled the sale, said the property sold for $450,500.
A tornado destroyed the original warehouse in the late 1940s, and the structure was rebuilt in 1950, Godby said.
Stonebrook Development is currently developing a commercial tract on South U.S. 27 across from Alton Blakley auto dealership. Stonebrook Pavilion in Burnside, a restaurant and mini-shopping complex, also on South U.S. 27, is the latest commercial development in the newly annexed area of the only town on Lake Cumberland.
Local News
Related Photos
-
The Farmers Tobacco Warehouse property on University Drive was sold at public auction Friday. Marce Absher and Brook Ping, two of the owners of Stonebrook Development, purchased the commercial tract. Sharon Dodson Photo
July 17, 2007
New owners say tobacco warehouse location has ‘a lot of potential’
- Local News
-
-
Mayor may oust airport board member
- FAA says lease with incoming FBO violates federal regulations
- FAA probing airport board
-
Local man airlifted after two-vehicle crash
-
Mopar Mania to highlight Cruise
-
‘Dry’ forces concerned about wet signs
-
Visitors rave about beauty of Lake Cumberland in May
-
Pulaski’s Memorial Day weekend to be packed
- Locally-born Rotary leader Pigman dies at 78
-
Technology summit gets underway
- More Local News Headlines
-
Beryl Makes Landfall on Florida Coast
Service Dogs Help Wash. Soldiers Battling PTSD
Raw Video: Heckler Bursts in on Blair Testimony
Japan Farmers Plant, Seek Radiation-free Rice
UN Blames Syrian Forces for Shelling Houla
Raw Video: Gay Protest Blocked in Moscow
Vatican in Chaos After Butler Arrested for Leaks
Jimmy Carter Endorses Egypt's Election Results
Biden Addresses West Point Graduating Class
Dozens of Children Killed in New Syria Attack
Raw Video: Activists Allege Massacre in Syria
NJ Man Charged With Murder in Death of Patz
Support, Fun for Kids of Fallen Soldiers at Camp
Fugitive Penguin Caught, Returned to Aquarium
50 Years Later, Underground Fire Still Burning
Light Show Transforms Sydney Opera House
Raw Video: Unruly Passenger Restrained in Miami
Raw Video: Robber Uses Drive-thru Window
Raw Video: Dragon Arrives at Space Station
Calif.'s Coronado Named Nation's Best Beach
