Two Rivers signs $1.2M purchase agreement with developer for former Paragon property

TWO RIVERS - Two Rivers City Council has signed a purchase agreement with Trivers LLC for a $1.2 million sale of the former Paragon Partners property on Parkway Boulevard.

According to City Manager Greg Buckley, the sale of the property would be a great boon for the community — increasing the tax base, bringing jobs to the community, and fixing up the site that has been vacant for more than 20 years.

“We can finally put to good use this building that has been sitting vacant for over 20 years and deteriorating and make something that looks good for the community and for that neighborhood,” Council President Adam Wachowski said.

The agreement gives Trivers LLC 90 days to decide if they want to go through with the property purchase. Buckley said that after 45 days, the earnest money will become non-refundable.

Trivers LLC is owned by Art Dumke, a real estate developer from northeast Wisconsin. Buckley said Dumke has a good reputation in the business community and he is looking forward to working together.

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The city of Two Rivers bought the Paragon site more than two years ago at a sheriff’s sale. The property had been foreclosed on after Paragon Partners LLC fell behind on payments and the site has been vacant since 1999.

In April, the Two Rivers City Council signed a similar agreement with AIM Manitowoc LLC, also for $1.2 million. However, the agreement’s deadlines passed without AIM Manitowoc LLC following through with the purchase.

Contact Alisa Schafer at aschafer@gannett.com. Follow her on Twitter at @AlisaMSchafer.

This article originally appeared on Manitowoc Herald Times Reporter: Two Rivers signs agreement with developer for former Paragon property