Third Street Flats triples holding
They launched the business in 2010 with four upstairs units in the historic bank building at the southwest corner at Third and Cowls. In April, they will be adding seven upstairs units in the former Odd Fellows Building at the northwest corner at Third and Ford.
The new units previously served as apartment rentals.
They are currently being renovated in preparation for the opening of the tourist season in the spring. Like the original flats, each of the new units will be given their own themes and names.
Stephenson said she has two local design teams working to give each unit a unique look and feel. She said one is being led by Rhonda Feero, the other by Kim Morris and Terri Childress.
Both teams were also involved in renovation of the original flats. They will be working with general contractor Steve Druse in the new venture.
Five of the new units feature two bedrooms — a first for the enterprise, as the original units were all limited to one bedroom.
The partners plan to continue efforts to incorporate other local businesses into their enterprise.
They have been working with ‘Ihilani Coffee Company of Sheridan and NW Wine Company of Dundee to create products branded with the Third Street Flats logo. They have also formed alliances with Honest Chocolates and Third Street Books.
In addition, the new space will feature rotating displays of local artwork in the hallway. “We want to continue our focus on providing a really local experience,” Stephenson said.
The partners are relying on downstairs businesses to hand out keys.
Terra Vina Wines will be filling that role for the new units. The Bitter Monk, a beer tasting room moving into space formerly occupied by Anthony Dell Cellars, is taking on the task for the original units.
The new venue will accentuate historic attributes of the building, which was constructed in 1909. They include ballroom flooring, period windows and elegant light fixtures.
“What we’re offering is stylish lodging in downtown that has amenities that wine country visitors are looking for,” Stephenson said. “Right now, we are hosting a lot of weddings, girls’ weekends and bachelorette parties.”
Stephenson and Shea went in with her father, Rob, to buy the former Odd Fellows Building. They formed a new company, the Odd Fellows Building LLC, to make the purchase.
In addition to second- and third-floor rental units, which they will be leasing to their Third Street Flats vacation rental venture, they picked up first-floor office space. They cut the deal for the building with Shakti Enterprises at a selling prices of $1.375 million.
Through the LLC, registered in August, they also closed last month on a five-unit apartment building at 507 N.E. Davis St. They acquired it from MV LLC of Amity for $419,900.
The seller was affiliated with Mid-Valley Rehabilitation, which had been using it to house clients.
While the new owners will continue renting units out on a monthly basis, Mid-Valley is planning to move its clients to a new location. They will be making the move on Saturday, Feb. 15, with the assistance of McMinnville’s Sunrise Rotary Club.