A development company that specializes in putting old buildings to new uses plans on giving new life to the former Ferrell Furniture building in downtown Danville.
Patrick Reilly, project manager/principal with Rehab Development in Winston-Salem, N.C., said his company is interested in the building.
“It’s not closed on yet, but it is our intent to purchase it,” Reilly said.
The company has already made an impact on the Danville landscape, with renovations that have included Lynn Street Lofts and the transformation of the former Westmoreland and Schoolfield schools into apartments.
Tobacconist S.H. Holland built the Ferrell building — also known by some Danvillians as the Tuxedo Building — between 1866 and 1886.
The 13,800-square-foot, three-story building has fallen into disrepair in recent years; as recently as March of this year it was in danger of being condemned for building code violations.
Reilly said his company hopes to begin working on transforming the building in January. His plan calls for turning the upper floors into 13 luxury, market-rate lofts, with commercial space at street level.
“There will be more information on details when we close,” Reilly said.
Reilly anticipates the project will take until the end of 2011 to complete.