Prairie Public Broadcasting

Bank of ND building sold BISMARCK, ND (NDPR) - A Minot-based real estate investment firm has purchased the former Bank of North Dakota building in downtown Bismarck.

Investors Real Estate Trust -- or IRET Properties -- bought the property for $2.22 million. IRET Senior Vice President Thomas Wentz, Junior says the property is attractive.

"It's close to downtown, close to both of the regional hospitals, it has good visibility and it is in the renaissance zone, which would allow for any redevelopment to receive some favorable tax treatement, if it qualified," said Wentz.

Wentz says the annex building is currently being leased by the state Department of Transportation -- and IRET will honor that lease. He says the tower is obsolete -- and will have to be renovated or torn down. Wentz says a contractor will look at the cost of asbestos removal -- and a decision will be made after that assessment.

Wentz says there are options for the property.

"Either renovation of redevelopment from a commercial standpoint," said Wentz. "We're also looking at multifamily projects, so we're really wide open as to what we're going to do with the tower site."

The Bank had four offers -- and chose the highest bid. DOT's lease will be up next June.

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