Crews work on gutting the building at the southwest corner of Eighth and Vermont streets, in preparation for new residential and retail tenants. Markings on the brick exterior show where new windows will be added to the structure, which was damaged by a fire Oct. 9.

Nearly a year after being damaged by fire, a downtown building is being prepared for future retail and residential tenants.

The building, at 201-205 W. Eighth St., is getting new interior finishes after suffering more than $200,000 in damage during an electrical fire Oct. 9.

The goal: Make the red, two-story brick building attractive for short-term residential tenants upstairs, plus a variety of retailers who may want to set up shop at the edge of downtown.

“We’re making an investment in Lawrence because we have confidence in Lawrence’s ability to draw retail businesses, both large – very large – and small,” said Tim Fritzel, co-owner of the building and president of Gene Fritzel Construction Co. Inc. “We are confident that one of those companies will come and rent from us.

“Great Harvest Bread (Co.) is national, and they’re right next door. You never know when another national company, like Great Harvest, will want to locate here. We’ll be ready for them.”

The $260,000 project has been going for a while, but lately has become more visible. Paint outlines on the building’s exterior indicate where new windows will be installed, and work crews continue to clear out debris to make way for the new.

The overhauled building should be ready for occupancy sometime in November, Fritzel said.