Vacant Historic Building to be Redeveloped into Residential and Retail Space
Raleigh, N.C. (Sept 8, 2014) – Rehab Development, a Winston-Salem, N.C. based developer, with offices in Raleigh, and CommunitySmith, a Raleigh, N.C. based redevelopment firm, once again have partnered to purchase an historic building in the heart of one of the state’s mid-size cities. The two firms this time are redeveloping a 90+ year-old, three-story brick building in the heart of Historic Downtown Concord. Both companies specialize in aspects of downtown Main Street revitalization, historic preservation and successful public/private partnerships. This project will mark their third joint venture.
“We really liked what we saw the first time we came to Downtown Concord in the late summer of 2013” said Rehab Development’s president, Patrick Reilly. “The downtown was charming and clearly had a vibrant feel to it. As we got to know the folks at the City, began studying the market and started working through the numbers, we just got more and more excited about the potential we saw there. We could not be happier to be under way with construction on this project and look forward to opening the building to residents around the middle of next summer.”
After redevelopment, the circa 1922 building at 29 East Cabarrus Avenue will feature 26 market-rate loft apartments and one retail/commercial space available for lease. Units will range from approximately 600 to 900 square feet and will lease from $700 to $1,000 per month. The ground floor retail/commercial space will be ideal for a variety of shop types that will serve the building’s residents as well as visitors. The building also will offer a first floor exercise facility as an exclusive amenity to tenants, along with indoor secured parking available for an additional monthly fee.
“Taking historic buildings from falling apart to fully rebuilt is rewarding yet incredibly challenging work. So, having the support and creativity of the great folks with the City and the CDDC has been instrumental in getting this historic tax credit redevelopment project launched,” said Holton Wilkerson, CommunitySmith managing partner. “Our team has high hopes for the success of this project as a complement to what is already a fantastic downtown atmosphere. We are pleased to begin work creating a residential product of the caliber we have delivered in similar Main Street communities in North Carolina.”
In the last 24 months, Rehab Development and Community Smith have collaborated on successful joint ventures that have transformed vacant historic commercial buildings into successful mixed use residential/retail sites in Greenville and Wilson.
The nearly 30,000-square-foot brick building in Concord’s central business district originally was constructed as Bell and Harris Furniture Company, and was most recently occupied as a Heilig-Meyers furniture store. The building has been owned by the City of Concord for last 13 years during which time it remained unoccupied, yet preserved enough to be saved.
Concord Mayor Scott Padgett said, “We recognize the many benefits of having market-rate apartments in our Downtown business district and are thrilled to have Rehab Development and CommunitySmith making this investment. Their projects are top-quality and will assist us in attracting young professionals, which will assist us in recruiting additional businesses to Downtown to serve the needs of these and neighboring residents, making the heart of our city a very walkable community.”
Rehab Development and CommunitySmith, via their collective entity Church Street Lofts, LLC purchased the building from the City of Concord on July 31. A naming contest for the site is being sponsored by Concord Downtown Development Corporation. The contest was introduced at the CDDC’s Annual Party on August 18, where attendees were invited to submit creative names for the property once it is rehabbed. The developers will select the best choices from names that are submitted, and the public will be able to vote on their favorite via the CDDC’s Facebook page.
About Rehab Development
Rehab Development, Inc. is a design-build development company highly skilled and experienced in the disciplines of downtown Main Street revitalization, historic preservation and successful public/private partnership formation. Our goal is to help bring quality downtown living and economic revitalization back to traditional Main Street America. By partnering with our brother & sister companies, Rehab Builders and Rehab Engineering, we are able to streamline the development process and perform 100% turn-key projects. Based in Winston-Salem North Carolina, our firm focuses on assisting Main Street revitalization efforts all over NC, SC, and VA. For more information see www.rehab-development.com.
About Community Smith
CommunitySmith is a private redevelopment firm that specializes in identifying commercial properties that are good candidates for redevelopment. CommunitySmith works cooperatively with public officials, private participants, city staff and community members to create partnerships that re-imagine and revitalize properties. The organization’s partners have expertise in adaptive reuse and redevelopment, community revitalization, historic preservation, urban infill, economic development, municipal relations, public-private partnerships and building/enabling community equity. For more information see communitysmith.com.
About Rehab Builders
Rehab Builders, Inc. is a design-build construction company specializing in the rehabilitation of historically significant buildings and will conduct the construction; its affiliate Rehab Engineering will manage the engineering. Plageman Architecture of Burlington are architects for the project, which is expected to be completed by the summer of 2015.
About Plageman Architecture
Plageman Architecture was founded in 2008 with the focus of providing an easier, more client-centered process of designing buildings. We are a full-service architecture firm committed to creating successful designs while meeting the needs of our clients. Our experience ranges from small intimate projects to large scale developments with a lot of complex issues. We excel at helping our clients navigate difficult projects while at the same time breaking it down to its simplest components. The end result is a great project that all parties will understand.