The Wishing Well building has been a nightmare for the Butler Redevelopment Authority, but hopefully all that has transpired since the authority bought it will work to the city's benefit in the long run.

When the authority acquired the structure at 150 S. Main St. in early 2004 for $82,500, the intent was to renovate it for an office for the authority, as well as provide additional space that could be rented. But soon after the purchase was completed, the authority learned that repair and renovation costs could exceed $600,000. Instead of pursuing the original course of action, the authority had the building razed at a cost of $54,000.

Unfortunately, that wasn't the end of the building's financial drain on the agency. Now the authority is faced with an outlay of $36,680 to repair a wall of the Fudoli building that the Fudoli and Wishing Well buildings had shared. Meanwhile, the authority also has allocated $8,000 for painting of the newly exposed side of the Fudoli Music store.

That's more than $181,000, and in the end the authority has a vacant lot, albeit at a busy intersection that could be valuable to someone for a business or professional enterprise.

Marketing the site is the challenge that the authority currently faces, and there is no guarantee that the task will be easy. Whether the authority can recoup its investment and break even - even make a profit - remains to be seen. But there can be no denying that the former Wishing Well site is a prime piece of downtown real estate that, although not extremely large, could provide exciting possibilities for the right buyer.

The site also could be a good adjunct to what eventually happens at the former, nearby Woolworth site.

Prior to stores' exodus to suburban malls and shopping centers, potential buyers likely would have been standing in line waiting for the opportunity to negotiate, or submit bids for, the purchase of the land. But now, downtown real estate is harder to sell, and the fact that there is no building on the site will remove some potential buyers from the picture.

However, the fact that a buyer will be able to customize a structure to his particular needs from the foundation up will make the site attractive to others, presumably those with "deeper pockets."

The authority's experience with the Wishing Well building hasn't been a proud moment in the agency's history and should serve as a note of caution for future authority endeavors. However, what some might label a $181,000 boondoggle can't yet be labeled a financial disaster, because of the potential for the authority to eventually recoup most or all of its loss to date, or even make a profit.

For the Wishing Well building site, the property represents a wish for better times for the downtown. Had the authority not opted for the purchase, the former building might have stood vacant until it experienced the same fate as the former Woolworth structure - collapse.

If there is any basis for complaint, it is that public money is in limbo as long as no buyer comes forward. The city needs all of the resources it can muster to work upon its behalf.