The musky, dry scent of golden rod and wild daisy is strong in Larimer. Dried-flower stores sell that aroma, but it's free here, where wildflowers spill from what once were people's yards onto sidewalks and streets, making some impassable.

These conditions have been part of Larimer's look for decades. Once a stronghold of middle- and working-class Italian families, the East End neighborhood is plagued with vacant lots, derelict homes and a reputation as a dangerous place that has been difficult to overcome.

No one has cared about these properties, at least not enough to invest in them. But several interests converging in Larimer show that may be changing.

At the corner of Larimer Avenue and East Liberty Boulevard -- one of Larimer's gateways -- federal stimulus money is coming to a former BP station that will be renovated into a green-energy center.

The Community Environmental & Energy Assistance Center, initiated by state Sen. Jim Ferlo, D-Highland Park, calls for a $300,000 renovation by April and $1 million to be devoted to programming next year. The building, which will have solar roof panels, will be "a one-stop shop of sustainable community outreach," said Mikhail Pappas, Mr. Ferlo's policy and projects liaison.

Ten employees and four interns at the center will help East End residents make their homes more energy efficient and apply for assistance to pay their energy bills. The long-term plan is to incorporate green-jobs training, but programming details have not been set, said Megan Stearman, spokesman for the Urban Redevelopment Authority, which is taking ownership of the site this month.

The plan for the center coincides with several urban farming interests in Larimer and a new investment company whose partners see opportunity where others see only blight. They have been going door-to-door in Larimer, asking residents to buy shares in an endeavor that would allow them literally to start owning the neighborhood.

Justin Strong, the founder and co-owner of the Shadow Lounge, a hipster's haven in East Liberty, and a friend, Karriem Sami, owner of the now-defunct Earthstone Cafe in Point Breeze, said they formed S&G Holdings -- for sustainable and green -- in the belief that Larimer is the next rock in the current to be jumped on and claimed. They hope to raise money to buy and renovate properties for local entrepreneurs and artists.

They profess a capitalist motive for a social mission.

"It's no secret this is a for-profit company," said Mr. Strong, "and we see a long-term value, a better bottom line and better overall impact by involving the existing population in it. My philosophy is: If capitalism is the reason for the problem, it has to be the reason out of the problem. This is a way to use capitalism to uplift the community."

While many still may wonder, "Why Larimer?" Mr. Strong said, "Our plan is to get ahead of the game so that when a Starbucks wants to come in, it may want a building we own, and we'd hold a shareholders meeting to decide. The neighborhood might not want that."

The partners have invested their own money into S&G to provide grounding beyond sweat equity and to pay a small salary to Katrina Struloeff, its first employee -- as marketing and communications director.

She said the convergence of interest in Larimer is due to its decades-long dysfunction and its proximity to neighboring East Liberty, which is booming after years of economic decline.

"It's so close to the general vibe of the East End, and it has so much vacant land," she said. "It's ready for a change, with nowhere to go but up. And you can't have people fix problems if they aren't the people who have the problems."

S&G will release 49 percent of its shares, giving neighborhood stakeholders first dibs to buy them, and keeping the authority to reject rent-a-centers, check-cashing businesses and establishments that don't fit into their long-term vision for the community, Mr. Strong said.

"We will sell shares in the first quarter [of 2010] and start purchasing properties in the second quarter," he said. As people buy in, the company will be able to attract other private investment that is harmonious with the land-use desires of shareholders, he added.

Financial details will be worked out within the next three months, he said. Even neighbors of marginal means will be able to buy in with small sums on installment plans.

S&G also has a development arm dedicated to establishing farms that the neighborhood can own and operate. Shareholders can buy into specific projects, Mr. Strong said.

"At the very minimum, we want to have a farm on one of the lots by summer, to grow crops for bars and restaurants around here," he said.

Last year, when Mr. Sami was hunting for a house to buy in Larimer, Mr. Strong said, "he called me and we started walking around looking at properties, then we got excited and went back to the Shadow Lounge and looked at properties online. Then we thought we could buy some. Then we talked about how to create a company to make sure the right people got involved."

They pulled real estate developer Sola Talabi into the mix. They also brought on board Liana Maneese from the Nine Mile Run Watershed Association as their environmental liaison.

"The lesson we learned [in East Liberty] was that you can go into a place with an idea, and no one else is interested in that place," said Mr. Strong.

"But you keep on your path and get people excited about it, and over time it's filled to the brim with cool, multicultural [destinations]. So, we can do that same thing in Larimer, but this time Larimer's gotta own it."

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