SKYSCRAPER FOR
"PETTICOAT LANE."
Northeast Corner of Main
and Eleventh Leased
for 198 Years.
By the leasing of the northeast corner of Main and Eleventh streets for 198 years, plans were made yesterday of a skyscraper, twelve stories of concrete and steel, to be built on the expiration of the old lease, February 1, 1911. The consideration was $18,000 a year, a total of $5,544,000 for the entire lease.
Hoyt-Ballentine-Kelley Investment Company acted as agent. John O. Patterson of is the lessee from the May-Stern Realty Company.
The rental of the ground, although of considerable size, is in reality less, per annum, than the rentals accruing from the out-of-date improvements now on the land. The property was purchased five years ago by the May-Stern Realty Company for $325,000, and just recently the firm refused an offer of $500,000 for it. The lot faces Main street with a frontage of forty-eight feet and runs back on Eleventh street for 115 feet.
"The new building will be equal in construction to any in the city," said Mr. Patterson. "The first four or five stories will be used for retail purposes and the upper eight stories will be entirely for commercial and office use. The building will be arranged that every office room in it will be exposed to light, and air." Mr. Patterson's offices are at present diagonally across the street from this corner.
