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The Nissen Building

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B) Renovations to begin on Nissen building

Matt Harrington

The Business Journal

Building permits have been issued for the renovation of downtown Winston-Salem's Nissen building into 140 apartments, clearing the way for construction to begin on the long-anticipated project.

Lyons Gray, president of the Downtown Winston-Salem Partnership, says the visible proof of the project would begin within the next week as Atlanta-based Holder Construction would be putting up an external elevator on the south wall of the building to aid in the construction process.

"This clears the way for things to begin," he says. "The project is a go and we can get started now."

In June, the U.S. Housing and Urban Development Department signed off on a $14.2 million loan for the project, which is expected to cost about $27 million. The loan is at 5.8 percent interest from PW Funding Inc., a New York-based mortgage lending bank.

Gray says the money is scheduled to change hands on Aug. 13.

Historic Restoration Inc. of New Orleans is the lead developer for the project. Rents at the apartments in the 18-story former office building will range from about $700 to more than $1,200 per month. Renovation should take about a year.

The city of Winston-Salem has committed to a $3 million loan; the nonprofit Millennium Fund has promised $3.5 million; and tax credits sold to Bank of America will generate $6.5 million to complete financing on the project.

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That's really great, and I'm pleased it's finally happening, but even though there will be valet parking, the parking garage is slightly over a block from the entrance. That's got to be somewhat of a problem?

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This has to be great news for DT Winston-Salem supporters!!! It is a huge step forward to the right direction, as nice, historic high-rises deserve to be preserved and put to some good use. Winston-Salem has preserved lots of its history and Nissen Building is definitely part of it. I am glad to see that someone actually offers apartments and not condos. Nowadays, developers resort to selling condos for big bucks, leaving those who want to rent with little or no options.

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Oops!!! I did nor realize that :( Still, having so many units downtown is a great thing. Hopefully it will prove that developers should not hold any similar projects hidden. They should come out and promote high-rise living as best as they can. As demonstrated in Charlotte, when there is supply, there is demand, and vice versa. Local developers need to become more aggressive in this area and offer apartments, as well as condos.

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One of three major high-rise renovations in downtown Winston-Salem is just about complete. Here are some photos from the Nissen apartments. Winston Tower, RJR Plaza and the Nissen Tower have really changed Winston's skyline...especially at night. They recently added new signs on RJR Plaza, and now lights to the top of Nissen. Its nice to see the windows of that building light up again and now that the crown is lit, its almost looks like a new building. Here is a look inside...

http://www.nissenapartments.com/site86.php

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I was by the Nissen Building a week ago, great stuff! Just sneak a peek from the window and you'll be impressed, everything seems to be resotred to its 1920's glory. Then when I saw the building first lit up I was flabbergasted it really does look like a brand new building on the skyline!!! As for Tar Branch Towers I'm glad work is still apparently going on as I was worried since no one seem to have moved in though that was based on the old spring completion time I had before. Also, I wonder when they updated the website? Is that Chancellor's residence to be occupied by another person cause I know that NCSA backed out of the venture like three months ago leaving Beau stuck since it was built to host large functions that a Chancellor. Anyway thanks for the update Twincity on these residential projects.

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Does anyone know if they're any apartments still available in the Nissen building? I seem to remember reading at one point that after a few years, the building might convert to condominiums that the rental tenants could buy. Is that the case? Also, what is going on the first floor?

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Does anyone know if they're any apartments still available in the Nissen building?  I seem to remember reading at one point that after a few years, the building might convert to condominiums that the rental tenants could buy.  Is that the case?  Also, what is going on the first floor?

<{POST_SNAPBACK}>

DWSP said that Cheesecakes by Alex was supposed to take up space on the ground floor, but that was months ago. I havent heard any updates since then. The Mellow Mushroom in the annex next door is supposed to be open later this year though.

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Well when I ate over at Cheesecakes by Alex around a month I mentioned to the guy who runs the place that I was eager to see them head over to Winston and then he said something in passing about how long it has been taking to get the site ready. So I think he's still going to open a store at the site (or that at least was what I ascertained from talking to him) consturction just may take a while. I do see one storefront shell outlined on the first floor that looks like it would be where they would put it, the one I do wonder about is Paisley Pineapple they weren't even hinted at in the Business Journal article I read about new downtown W-S restaurants.

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Paisly Pineapple use to be in downtown Greensboro in the building where Natty Greene's Brewhouse is today. Downtown Greensboro also has a Cheesecakes by Alex and I've been in ther a few times and bought a couple of cheesecakes. My favorite is the Key Lime:)

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