McMahan to tackle renovating the 22,000-sq-ft building at 640 State Street, henceforth dubbed Falling Run Commons.

First and third photos courtesy of Matt McMahan. 

Matt McMahan broke the news on Facebook yesterday.

Boy do I have my work cut out for me on this one. Just closed on 640 State Street (know known as Falling Run Commons). It's a huge building. We are going to be redoing the facade first. Hope to bring some life to that block of State Street.

The building is 24,226 square feet, with a 5,358 square foot parking lot. It was built in 1940. Here's the description prior to the purchase, as cached on line:

High visibility, high traffic property along State Street in New Albany. The building include 7 units with COMPLETELY RENTED. There are 3 apartment units upstairs, 3 retail units on the main floor and an upholstery company on the lower level in the back of the building. Call today to check out this investment opportunity in Downtown New Albany.

Readers, here's a trivia question: Do you know why these three upstairs apartments were in the news in 1984?