After generating quite a buzz in the region back in the winter, little has been heard the last few months from a New Jersey developer who has emerged as a major downtown Oil City property owner.
Milan Adamovsky, a software engineer from New Jersey who is in his early 40s, bought three properties – the former National Fuel Gas headquarters at 308 Seneca St., the IOOF Building at 220 Seneca St. and the Grandview Estates furniture store building at 202 Center St. – in December.
In February, he closed the deal on 217 Seneca St., site of the former Isaly’s store, and 106 Center St., a corner building that previously housed the Rosen, Rosen and Varsek law offices.
A look at Adamovsky’s Bring Back Oil City Pa Facebook page shows that volunteers have done some interior demolition in his buildings at 217 Seneca and 106 Center over the past several months.
On May 24, Adamovsky posted to the Facebook page that he had canceled the “townhall mixers” for May and June.
Adamovsky last posted an update to his Facebook group on the interior demolition on June 20.
And nothing about the interior demolition or other information about his buildings has been posted to the group since July 11.
Kathy Bailey, manager of the Oil City Main Street Program, said “I haven’t heard anything from him in in quite a while.”
Susan Williams, president of the Venango Area Chamber of Commerce, also said she hasn’t talked to Adamovsky in a while.
City manager Mark Schroyer said he has only spoken to Adamovsky once or twice and that Adamovsky “never formally approached the city for a meeting.”
Schroyer added that the City of Oil City is very supportive of business.
Schroyer said he has not seen any activity with Adamovsky’s buildings in Oil City apart from the meetings he held at the Grandview Estates building.
After purchasing the properties, which created quite a stir in the area, Adamovsky formed the private Bring Back Oil City Pa. Facebook group, where people who joined could discuss and share ideas. The page currently has close to 2,000 members.
At the meetings in February and March, he spoke in broad terms about his vision for the renewal of Oil City and exhorted his listeners to think about how they could contribute to this vision.
At the first meeting, the question of finances, particularly those associated with repairing and renovating buildings he bought, drew a mixed response, the newspaper reported at the time.
“Working capital? It is very dynamic,” Adamovsky told the crowd in February. “Would I walk away? There are no guarantees, to you or to me. I am at least trying, putting all my resources into this. No banks are helping me.”
Some of Adamovsky’s newly acquired properties have tenants while others are vacant.
To date, he has mentioned only one finite business venture – opening an upscale ice cream parlor at 106 Center. There’s no timeline for that project.
Adamovsky’s transactions represent what could be the largest multi-property acquisition by an individual in the city’s recent history. The sales agreements ranged from $159,000 for the National Fuel property to articles of agreement for others.
All five deeds have been transferred from the sellers to Adamovsky and his various limited liability companies.
