Pepper Building

[zalo 40]

The TBJ reports that nearly two years after closing on the purchase of the Pepper Building and adjacent lot in downtown Winston-Salem, veteran developer Mike Coe is starting demolition on the property and plans to begin redevelopment by spring.

The project at 104 W. Fourth St. Street will include 53 apartments, a Brazilian steakhouse and a speakeasy run by a local woman with roots in Amsterdam, Coe said in an interview this week. The cost could top $14 million, he said.

A key feature of the property's redevelopment will be a two-level parking garage in the adjacent lot at 110 W. Fourth St. At least one level of the parking deck would be underground, Coe said.

The entire deck would be topped by green space intended to match the city-funded Merschel Plaza park at the corner of Fourth and Liberty streets.

[RichardC 12]

I sense that there is frustration about this project not being underway by now, but Coe may be smarter than anyone gives him credit for by apparently negotiating with the city on a parking deck deal, and waiting to see if the bond for city infrastructure would pass during the election earlier this month.  The referendum was a success, now the renovation can hopefully roll.  This building was one of the first Art Deco structures in the state, and a fine example of local firm Northup & O'Brien (1929).

[zalo 40]

Mike Coe, the owner of the Pepper Bldg. for the last 3 years has sold the building along with the property that the adjacent Crawford Bldg. previously stood on West Fourth Street, to an Atlanta developer named Evolution Real Estate Partners. The new owner intends to convert the building to a hotel and restore it to its original Art Deco appearance. Word is circulating throughout Camel City is that the end user will be a Hotel Indigo. 

http://www.evorepartners.com/index.htm

 

 

 

[zalo 40]

It has been confirmed that the hotel is indeed the Triad's first Hotel Indigo.  Here's a description of the project by the Atlanta area developer. One of the principals of the firm is a Winston-Salem resident & Wake Forest School of Business grad.

http://mayfairstreetpartners.com/index.htm

The Pepper Building is located in the heart of downtown Winston-Salem, NC and was designed by Northrup & O’Brien and completed in 1928. The redevelopment of this 49,000 square foot, seven story historic building includes a 75 room hotel contained in a fully renovated and preserved historic structure. In addition to the hotel operations, the previously famous Sir Winston Steakhouse and Martini bar will be reintroduced on the first floor. And the Prince Albert restaurant and bar will be located in the basement. The hotel will also have meeting rooms and a state of the art fitness center.

History: The Pepper Building was originally designed as a multi-story department store; it persisted in that form under a handful of successive brands until converting to an office building which declined over the years until finally being abandoned. The art deco elements of the building and a highly regarded architect, (Northrup and O’Brien) gain the building state Historic Tax Credits (HTC’s).

The downtown Winston-Salem business district has undergone massive revitalization over the last ten years. Industrial buildings are now laboratories, factories are now residential lofts, and abandoned storefronts are now art galleries and restaurants. The Hotel Indigo helps to further stabilize the Winston-Salem business sector and attract new investments to this emerging market.

 

Edited July 1, 2016 by zalo

[rancenc 153]

Glad to see a revitalized structure in downtown Winston-Salem.  Can't wait to see the finished product!

[zalo 40]

It sounds like they will be doing it right. The Pepper Building will join a multitude of buildings throughout downtown that have already been revitalized. In fact, the number of buildings needing rehab are dwindling rapidly. Would be great to have the GMAC Bldg. committed to.

[RichardC 12]

I will be interested to see if the developers get the city rolling on the underground parking aspect of this block and the planned city green area that will be above the underground parking.  It would also be nice for something other than surface lot parking to be on the site where Piedmont Federal planned years ago to build.

These developers, out of Cumming GA, are serious in the world of investment and development.  Apparently they have done work in Georgia (Atlanta & Buford), North Carolina (south Charlotte), and Portugal of all places.

Edited July 1, 2016 by RichardC