A Fort Dodge businessman’s plans to buy and develop the McGregors Furniture & Mattress building have fallen through.

Dave Madsen announced plans in May to transform the furniture store, located at 712 Central Ave., into multiple retail spaces.

At that time, he said he wanted to help revitalize the downtown area.

Madsen told The Messenger on Friday the purchase of McGregors is no longer happening.

“We have decided not to buy it because new facts had come to light,” he said. “I feel bad about the situation.”

Madsen declined to comment further on the matter.

He owns Lifestyle Furnishings, a furniture store located at 611 Central Ave. Madsen did not plan to move that store.

He also owns various properties in Des Moines and in Calhoun and Ida counties.

McGregors announced the closure of its Fort Dodge store in February.

The structure used to consist of four different buildings before it was bricked over at one point.

The original buildings were constructed in 1883, according to online records.

The net assessed value of the McGregors site is $408,310. It encompasses 16,800 square feet.