The Lawrence Economic Development Corporation has purchased the former Wolohan’s Lumber Store on South Third Street for $290,000 to turn it into a commercial site again.

“The LEDC purchased it with the intent of trying to get some jobs there,” Dr. Bill Dingus, executive director of the LEDC, said. “We are recruiting companies to bring in there. It truly has the ability to either serve as an office setting, a warehouse setting or, more importantly, manufacturing.”

The 22,800-square foot building has sat idle for the past two years and was last home to Advanced Machinery, before it shut down. It has a five-ton crane, electrical service for large pieces of equipment and storage area behind the building.

Although the deed was filed on Friday, renovations started last month.

“We had lots of roof problems, but the roof repair is done,” Dingus said. “The building has been cleaned and a surveillance system installed. We are moving to rent the building.”

This spring the Ironton Port Authority, whose mission was to bring jobs to the city, was disbanded. Four of those members joined the county’s port authority. Dingus said the LEDC had planned to partner with the IPA to expand its presence in Ironton.

“What we have to do in Ironton is take these buildings with great infrastructure and turn them into viable facilities that have jobs,” Dingus said.