The project is one of several planned in Albany by developer Shawn Phillips

On time and under budget are two phrases that Shawn Phillips likes to hear.

The 25-year-old Phillips who heads Innovative Investments International, a Corvallis development firm, has completed work on the renovation of the building at 223 S.W. Second in downtown Albany. The site has been home to Sears and, later, S & J Thrift.

The nearly $300,000 project, which started in early April, was bolstered by funds from CARA, the Central Albany Revitalization Area.

"I've been really inspired by CARA," Phillips said. "The work they are doing to get people back to the downtown area triggered me to get involved."

Completion of the 9,856-square-foot space is the first of what Phillips is hoping will be several such renovations. He says he is buying property on Third and Fourth streets in Albany with plans to make improvements that will be attractive to businesses.

"I believe in the city's vision," said Phillips, who started his business as a painting firm when he was still in high school in Tillamook.

According to urban renewal coordinator Kate Porsche, the city was happy to get involved with Phillips and his project. CARA awarded Phillips $151,000 toward the improvements.

"It was a good partnership for us," Porsche said. "He came in with some ideas about mixed use development for the property and the board was excited about what he wanted to do."

For his completed property, Phillips is envisioning a restaurant or gym but stated he was open to dividing the space, which includes a full basement. He would like to have the property leased or sold by the end of the year.

"We will be particular. We're looking for the right business to come in," he said. "Ideally we were hoping for a one-end user but we want what will have the most economic impact."

One possibility, he says, is a Saturday Market that would allow local vendors to come together on the weekend.

"It would be great to create a venue to encourage local sales and get vendors under one roof on the weekend," Phillips said. "We've talked to a lot of people and that idea seems to hold interest."

He believes his building is perfect for such a venture.

A new floor, improved ceiling and walls, a sprinkler system, a ventilation system and waterproofing are some of the changes and additions he has made. Four 30-yard dumpsters of debris were hauled away from the site.

"We were able to complete this project in less than three months," Phillips said. "And we are 20 percent under budget. We want to stay involved and help with what's going on in downtown Albany."