Newtowner:Michael Organ

My partner and I first invested in Newtown back in 1982.  We bought a dilapidated old mansion on West Frederick Street owner financed for $48,000 and $200,000 later we were "Innkeeper Caretakers" for an eight-room bed and breakfast on 2-1/2 acres of "primitively landscaped" grounds.  Following our philosophy that "one is always your own best neighbor," we bought and refurbished the houses surrounding the Belle Grae Inn, creating a tasteful neighborhood of restored Victorian architecture.

In 2000 we ventured one block south purchasing and totally rehabing two fallen down Victorians sitting side by side on West Beverley Street.  605 and 607 West Beverley are known as Shakespeare Cast Quarters as the conversion into eleven bedrooms, baths, "popcorn kitchen study rooms" and large dining and several common areas, which now house the resident cast of the Black Friars Theater.   Again, the purchase price of $35K each house plus $200K for revitalization anchored that block for further investment.

Having not yet been committed to our local Western State Mental" Hospital, we ventured west on Beverley Street to the "Town Center" and purchased an abandoned grocery store which was for decades a neighborhood landmark of quality meats and Mom and Pop hospitality.  The papers were signed on Labor Day 2001 and we closed on Halloween.  Significant dates as this project was truly scary but truly a labor of love.  The 5000 sq. ft. building was a skeleton of itself from its glory years 1872 - 1975 except for the fact that it hadn't been cleaned out or maintained for the past thirty plus years.  After a year of clearing, suring up, stripping baseboards, fireplaces and window frames, bringing the mechanical up to 2002 state of the art, plastering and painting, we woke up Christmas morning 2002 to a classic two story, two bedroom/two bath loft apartment over a 1500 sq. ft. storefront.  The purchase price of $36,000 plus a $200K restoration expense was only possible for us due to the local seven-year tax abatement, State 25 cents and Federal 20  cents per dollar restoration tax credit, plus a cash return for creating a small business and creating a job in Staunton's Enterprise Zone.

We've done five tax credit revitalization projects (the three mentioned plus two more) and refurbished an additional twelve other 100-year old Victorians and since February 2005 have purchased another "Tenant House" and a small office building on West Beverley.

There are many Newtown revitalization opportunities yet available in the Enterprise Zone and tax credits and tax abatements are still available.

"We believe" and we encourage families, couples and singles to joint the party and help reclaim and revitalize Staunton's West End to its glory days of being a neighborhood of families, couples, singles and shops living and accommodating each other.