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Company modernizing sites on South College Avenue By CASSIE SMITH Doug Pederson and Jack Threadgill officially are turning a half-mile stretch of South College Avenue into Midtown. That's the surname given to five rental properties in Bryan that the pair are spending millions on renovating, hoping to turn it from what many described as an eyesore to a well-groomed area that will become a catalyst for future development. Twin City Properties Management Inc. plans to have a grand opening and ribbon cutting April 15 for the project. "We're transforming this neighborhood and it's going to be powerful," Pederson said. Pederson, co-owner of the real estate management company along with Threadgill, declined to detail how much they're spending on buying the complexes and then doing the massive upgrades. He did say that they're doing it without funding from the state, federal or U.S. Department of Housing and Urban Development. The company is renaming Bryan Arms, Emerald Park, Monterey Oaks and Echols Street apartment complexes, along with a few houses, which will all be known as different variations of Midtown... "I'm absolutely convinced it's going to be spectacular," he said of the area along College Avenue that's bound by Coulter Drive and McKinney Street to the east and Rebecca Street to the west. Pederson said the company excels at buying older properties and modernizing them architecturally and aesthetically. Most of the complexes for the Midtown project were built in the 1960s and 1970s and will see the addition of central air and heating, new lighting, floors, roofs, plumbing and more. "All these properties together give us control of the neighborhood," he said, adding he wanted his tenants to feel comfortable and pleased with the surrounding area. Pederson bought all the properties along Hardy Street two years ago, which will be known as Hardy at Midtown, and is in the neighboring area. He said he also recently purchased several houses down South College Avenue, which will be known as Midtown Homes. The company, which started 20 years ago with one house and one property, recognizes that the Midtown revitalization is a wager, but Pederson said it's one they are willing to take. "The risk we're taking on here is huge. Everything is vacant," he said. ...The renovation The improvements will include adding washer and dryer connections, redoing the parking lots, fixing up the swimming pool and converting one-bed apartments to two, Pederson said. "We're looking to redo the property pretty much completely from top to bottom. Everything from roofs to flooring to plumbing and lighting fixtures," he said. Model units are scheduled to be available in March and construction should be complete in September, he said. Between Texas A&M and Blinn College, the student population controls a lot of the renting schedule, he said. "If it's not rented by Sept. 1, it will not rent. So we have no choice," he said. "It has to happen and it has to happen fast." The target audience for the units will be students, retirees, the working young and middle age, and single and married individuals, he said, adding it would be a melting pot of people. ...Pederson said he thinks the location for Midtown is perfect. "For me, there's something about being off the beaten path, but not too far," he said. Acting as a catalyst Pederson said city officials helped the company expedite the paperwork process. City Manager David Watkins said Bryan Arms was in awful shape when he first moved to the city. "What Pederson is doing to revitalize the area is exactly what the city is trying to encourage in older parts of the community," he said. "We are just absolutely thrilled like you can't believe at what he's doing," Watkins said. "Any time you go into an area that has a blighted image and someone improves the property, it encourages the adjoining property owners to do the same thing."...