The Next Big Thing: Marijuana Growing Condos?

A southern Oregon real estate company is looking to mix two lucrative pursuits, commercial real estate and commercialized marijuana production, into a new business model.

According to a Daily Journal of Commerce report, the start-up Grow Condos is seeking permission from the city of Eugene, Ore., to open a four-building, 50,000-square-foot complex that can be used as an industrial condo space for marijuana growers. The company proposes dividing the space into 32 units that could be sold for between $150,000 and $175,000 each, and each until would feature 22-foot-high spaces for the accommodate of marijuana processing and commercial kitchen equipment.

Grow Condos already has a similar facility in Eagle Point, Ore., and is looking to expand this business model into Alaska and California. CEO Wayne Zallen favored the condo approach because he did not want to become a landlord, but he noted that he would be cognizant to the needs of those that would purchase units.

“I'm a grower myself,” Zallen said. “We have a team that will help with what the customer needs.”