Published: July 17, 2007 08:43 am      

New owners say tobacco warehouse location has ‘a lot of potential’

The new owners of Farmers Tobacco Warehouse property haven’t decided how they will develop the commercial site on University Drive.

Marce Absher and Brook Ping, two of the owners of Stonebrook Development, purchased the warehouse and eight acres. The property, owned by the late Somerset businessman W.O. “Bill” Newell, was sold at public auction Friday.

Absher said the commercial tract has “a lot of potential,” but it is premature to discuss future development of the site.

“There is nothing definite in our future plans. We are opened minded to several possibilities,” Absher said Monday.

Absher is certain about one thing: “We won’t be using it as a tobacco warehouse.”

Most tobacco is marketed directly to tobacco companies, eliminating the need for warehouse sales.

The tobacco warehouse, built more than a half century ago, was put up for auction following Newell’s death. Newell was a respected businessman and recognized for his long-standing community service to the Somerset-Pulaski County Airport. He served as board chairman up until the time of his death.

Auctioneer Samuel Ray Godby, whose realty and auction company handled the sale, said the property sold for $450,500.

A tornado destroyed the original warehouse in the late 1940s, and the structure was rebuilt in 1950, Godby said.

Stonebrook Development is currently developing a commercial tract on South U.S. 27 across from Alton Blakley auto dealership. Stonebrook Pavilion in Burnside, a restaurant and mini-shopping complex, also on South U.S. 27, is the latest commercial development in the newly annexed area of the only town on Lake Cumberland.