398 Pearl St
Beaumont, TX 77701
Office Property For Sale

The Goodhue Building was built in 1927 after the formation of the Goodhue Company by Forrest and Gussie Goodhue. The eleven-story building was designed by Tisdale and Stone out of Nashville, Tennessee and reflects the exuberance of 1920s oil wealth in the area. The building is of the neo- gothic architectural design and originally contained 190 offices, elaborate details such as iron and brass trim, extensive use of marble, and white oak and walnut woodwork. The building underwent some renovations in 2004 and is currently vacant and partially gutted. Occupiable spaces are configured for office use. The Goodhues were early Beaumont entrepreneurs and responsible for several other downtown buildings including the Crosby Opera House and the Goodhue Opera House. Penthouse buttresses and Mediterranean balcony ledges contribute to the building’s distinctive features. In 2004-2005, Joe Penland, Jr. completed extensive renovations to the Goodhue Building including improvements to the exterior and the lobby. The Goodhue Building contributes to the historical significance of Beaumont’s Commercial Historic District and is listed in the National Register of Historic Places. The current ownership purchased the property with plans to convert it into market rateapartments on the upper floors with retail on the ground floor. Applications have been submitted and approved for such a conversion utilizing Texas State and Federal Historic Tax Credits. The approved applications (State Parts A&B and Federal Parts 1&2) and all other ancillary documentation, including full as-built drawings, proposed schematic drawings and hundreds of keyed photos of the building, will convey with the sale. These tax credits, along with all the Part 2 Submittal set of plans will be included in the sale. The credits and drawings alone represent over $30,000.00 in work. Currently, in downtown Beaumont, there are only 5 market rate apartment/loft units and they have a 12-36 month waiting list. Wheeler Commercial completed a walking survey of residential units in downtown Beaumont and knows that this market is primed and ready for residential units. The Goodhue Building offers a fantastic opportunity to come into a “shovel ready” project. All that is left to do is to hire contractors and get to work. The City, Beaumont Main Street, and all the citizens of Beaumont are ready to get behind a project such as this, they just need the right developer.