“To renovate the building the way I was going to renovate, it just didn’t appraise for what it was going to cost to build it,” Smith says.
“I was really disappointed that it didn’t work out.”
In January, Have You Heard? first reported Smith had a contract on the building, which was built in 1901 as a livery stable in conjunction with the adjacent Union Station.
Smith currently leases space on the east side for his companies.
Alltite sells industrial bolting equipment and services to heavy industrial plants. MobileCal is a mobile calibration lab he developed to service industrial equipment on site.
Smith had planned to create a loft-style office for his new space.
The appraisal on the renovation “was kind of the last piece of the puzzle,” Smith says.
He says financing was contingent on it.
“The economies aren’t there.”
Now, he’s trying to decide if he’ll build or look for another existing structure to transform into his offices.
“I’m looking everywhere,” Smith says.
He says several people are interested in the Rock Island space. Smith says potential buyers would renovate the space.
“So something good is going to happen to that building.”