Taimin Li adds Loomis Block to slate of historic properties that includes former Dew Drop Inn
James M. Odato
A Long Island investor who has purchased several properties in and around downtown Saranac Lake last week bought a premier block of underused commercial and residential space in the village, adding to a sense of optimism of future revitalization.
After 50 years of owning the Loomis Block, also called the Downing Block, Edward J. Dukett said he sold the Broadway landmark for more than $500,000 to Taimim Li of Glen Cove.
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Li has amassed thousands of square feet of business and living space in the region, including the vacant building that held the legendary Dew Drop Inn along the Saranac River a few steps from the Loomis Block on Broadway.
Another historic building at 10 Woodruff St. is part of the transaction, said Dukett, and it could be razed for parking. He said he is unsure of Li’s plans.
Last Friday’s sale, said real estate broker Katie Stiles, is another step by Li to reinvigorate the business district. Her client’s goal is to “help resurrect and make more successful and vibrant our downtown,” she said. Being a local, she said, “I’m at a great angle to help him.”
“This is a person who is doing something pretty remarkable for our community.”
real estate broker Katie Stiles
The Loomis building’s first floor will be fixed for businesses and Stiles and Li will share a space. Two apartments upstairs will be improved, she added.
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The layout of the second floor is very much like an old hotel, with shared rooms and a common hallway.
The Dew Drop Inn building will be reestablished as a tavern and restaurant with a six-room inn, Stiles said. For now, there is no date on the start of the construction.
Attempts to reach Li were unsuccessful. He is in the tungsten metal business, a third-generation family industry. His aunt, Mildred Distin, lived in Saranac Lake and he visited her numerous times. Her husband, William Distin Jr., ran Branch and Callanan, a hardware store.
Dukett, 86, a lifelong village resident, said Li is likely going to encounter water problems at the Loomis structure. Water enters the basement because of runoff below sidewalks and pavement, and any reuse of the building will likely require mitigation of that issue, Dukett said. He also recommends a new heating system.
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If he was a younger man he would have held onto the property and sued the village to fix the problem of water flowing underground, Dukett said.
Dukett bought the property in 1972. It was one of many pieces of real estate and rental properties he acquired during the years, including his home in an apartment building on Riverside Drive that caught fire in 2014 and was later demolished.
He and three others were required to move from the Loomis apartments and another had to leave the Woodruff Street building to make way for the sale, Dukett said.
Amy Catania, director of Historic Saranac Lake, said the Loomis Block is on the National Register of Historic Places.
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She said although she has not met Li, they have communicated. “I know he’s excited about the projects he’s got underway and has roots in the community and cares about the building,” she said.
He placed his name on the business on another Broadway building and toy store he acquired last fall. It’s now called Li Goody Goody’s.
He also sent a check to sponsor this summer’s President Quezon History Day in Saranac Lake.
Photo at top: The Loomis Block was purchased in August by an investor adding real estate assets in Saranac Lake. Photo by Mike Lynch
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