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Business

Sep 10, 2013 1:13 AM by Claire Anderson (claire@krtv.com)

Times Square Building in downtown Great Falls may see new business

GREAT FALLS - The Times Square Building used to be a shopping hub in downtown Great Falls, but now only five stores are taking up the multi- level space.

The building recently went into foreclosure, but Mountain West Bank has been able to continue running the building while ownership has been in limbo.

Tom Mathews of Mountain West Bank explained, "We had made a loan to the previous owner, Earl Morgenroth, and Earl passed away I believe in February, and was unable to make the payments, his estate didn't attempt to do anything with the property."

The bank recently took over the building after it went up for public auction in August.

Mathews said, "Mountain West Bank entered an initial bid of approximately $210,000 and nobody bid any higher."

Marlene Archuleta of MarShell's said, "I really feel good about what's going to happen with this building and I think we're going to have a lot of success."

The bank is now planning to make improvements to the 40,000-square foot space in hopes of finding a new building owner as well as new faces for the 20-plus vacant storefronts.

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