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Old 04-14-2013, 01:06 PM
 
1,674 posts, read 2,041,419 times
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Here it is:


A private developer announced plans this week to transform six downtown Greenville commercial properties into mixed-use office and retail space.

CommunitySmith, a Raleigh-based commercial real estate firm that specializes in adaptive re-use and redevelopment, historic preservation and downtown revitalization through public-private partnerships, is developing plans for four structures in Greenville.

When design and construction is completed, CommunitySmith’s plans call for the properties at 201, 203, 205 and 207 E. Fifth St., plus properties at 417 Cotanche and 703 Dickinson Ave., to house about 22,000 square feet of professional offices and shops, said managing partner Holton Wilkerson. Combined, the proposed projects represent an investment of up to $4 million, Wilkerson said.

A hair salon is in 201 E. Fifth St. and 203 E. Fifth St. contains the Smoke Out hookah lounge. The property at 205 E. Fifth was the former site of Expressions nightclub. The three properties and the one at 417 Cotanche, the location of Rumors Nightclub, are owned by Jane Long Joyner (not related to Greenville City Council member Max Joyner Jr.). Their combined value is listed online by OPIS at $285,574.

The two-story property at 207 E. Fifth St., owned by Geraldine Wiggins Smith, houses The Other Place nightclub. It is valued by OPIS at $272,501.

Wilkerson said he has talked with all the occupying tenants about the possibility of making some renovations to those buildings, inside, outside or both, after work is completed on the vacated properties.

“The buildings at these locations are highly under-utilized, with second floors that have been mothballed but can make really good office space on the upper levels, with retail and, possibly, restaurant use at street level,” Wilkerson said. “Current and past users were not adding to the climate of economic development that’s gotten under way here. This upscale blend of the old and new, will lead the way in transforming a key block on Fifth Street from an under-performing area to an attractive space between East Carolina University and Uptown Greenville.”

The property at 703 Dickinson Ave., the location of Remember When Antiques, also owned by Joyner, has an online market value of $103,030. All six locations are zoned as commercial properties.

Wilkerson said final development plans and layout designs will be tenant-driven, with several possibilities. He said he expects to have those and occupant candidates’ financial commitments clarified and finalized within the next two months. The reconstruction work will follow that, he said, and is estimated to take about 12 months. The redevelopment likely will include up to $4 million in private investments, including from some unnamed sources, and is expected to qualify for local, state and federal funds through programs intended for rehabilitation of historic properties, Wilkerson said.

The CommunitySmith developer said the Dickinson Avenue investment adds to the positive momentum for re-establishing the avenue as an important entryway into the center city. The development of the neighboring GO Science Center and the recent announcement of a planned Streetscape improvement program got Wilkerson excited about the option he took on the property there, he said.

Wilkerson said he was pleased to collaborate on the project with his investors and Greenville leaders, including Mayor Allen Thomas and Uptown Greenville executive director Bianca Shoneman.

“This is another indication of the great transformation happening in Uptown Greenville,” Thomas said. “We are fortunate to have excellent partners like CommunitySmith serving as catalysts.”

Shoneman said the transaction provides an opportunity to locate an establishment in historic buildings located near abundant parking, courtesy of a new municipal parking deck slated for construction later this year at Fourth and Cotanche streets.

“Some of the state’s smartest investors are starting to make large bets on real estate in downtown Greenville,” she said.

Wilkerson, a Rocky Mount native with family ties to Greenville, said efforts will be made with local stakeholders to populate the renovated buildings that are vacant with new occupants to stimulate additional economic development for the area. Tenants with active occupancies will be included in discussions about the future use of the properties they occupy, but the revitalization plans could eventually result in their displacements, Wilkerson said.

Thomas said his approach to the development opportunity was to keep his role simple.

“I tried to bring the private sector together with some families, start a conversation and get out of the way. Sometimes that’s the best thing to do,” Thomas said.

The mayor said the project’s general time frame fits well with the city’s other development plans, including the construction of a mixed-use building at 423 Evans St. and the parking deck.

Also soon under way is the construction of a $40 million five-story student housing complex on Reade Circle by investors Tom Taft and Jim Ward. The complex, with more than 11,000 square feet of retail space on the ground floor, is expected to fill a void in the downtown area that has posed challenges to developers in the past.

The CommunitySmith project will include construction and engineering Rehab Builders Inc., and Rehab Engineers, Inc., with architectural design by Dunn and Dalton of Kinston.
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Old 04-14-2013, 01:07 PM
 
3,323 posts, read 5,186,224 times
Reputation: 2359
Downtown reimagined....
A private developer announced plans this week to transform six downtown Greenville
commercial properties into mixed-use office and retail space.

CommunitySmith, a Raleigh-based commercial real estate firm that specializes in adaptive
re-use and redevelopment, historic preservation and downtown revitalization through
public-private partnerships, is developing plans for four structures in Greenville.

When design and construction is completed, CommunitySmith’s plans call for the
properties at 201, 203, 205 and 207 E. Fifth St., plus properties at 417 Cotanche and 703
Dickinson Ave., to house about 22,000 square feet of professional offices and shops, said
managing partner Holton Wilkerson. Combined, the proposed projects represent an
investment of up to $4 million, Wilkerson said.

A hair salon is in 201 E. Fifth St. and 203 E. Fifth St. contains the Smoke Out hookah
lounge. The property at 205 E. Fifth was the former site of Expressions nightclub. The
three properties and the one at 417 Cotanche, the location of Rumors Nightclub, are
owned by Jane Long Joyner (not related to Greenville City Council member Max Joyner Jr.).
Their combined value is listed online by OPIS at $285,574.

The two-story property at 207 E. Fifth St., owned by Geraldine Wiggins Smith, houses The
Other Place nightclub. It is valued by OPIS at $272,501.

Wilkerson said he has talked with all the occupying tenants about the possibility of making
some renovations to those buildings, inside, outside or both, after work is completed on
the vacated properties.

“The buildings at these locations are highly under-utilized, with second floors that have
been mothballed but can make really good office space on the upper levels, with retail and,
possibly, restaurant use at street level,” Wilkerson said. “Current and past users were not
adding to the climate of economic development that’s gotten under way here. This upscale
blend of the old and new, will lead the way in transforming a key block on Fifth Street from
an under-performing area to an attractive space between East Carolina University and
Uptown Greenville.”

The property at 703 Dickinson Ave., the location of Remember When Antiques, also owned
by Joyner, has an online market value of $103,030. All six locations are zoned as
commercial properties.

Wilkerson said final development plans and layout designs will be tenant-driven, with
several possibilities. He said he expects to have those and occupant candidates’ financial
commitments clarified and finalized within the next two months. The reconstruction work
will follow that, he said, and is estimated to take about 12 months. The redevelopment
likely will include up to $4 million in private investments, including from some unnamed
sources, and is expected to qualify for local, state and federal funds through programs
intended for rehabilitation of historic properties, Wilkerson said.

The CommunitySmith developer said the Dickinson Avenue investment adds to the positive
momentum for re-establishing the avenue as an important entryway into the center city.
The development of the neighboring GO Science Center and the recent announcement of a
planned Streetscape improvement program got Wilkerson excited about the option he took
on the property there, he said.

Wilkerson said he was pleased to collaborate on the project with his investors and
Greenville leaders, including Mayor Allen Thomas and Uptown Greenville executive director
Bianca Shoneman.

“This is another indication of the great transformation happening in Uptown Greenville,”
Thomas said. “We are fortunate to have excellent partners like CommunitySmith serving as
catalysts.”

Shoneman said the transaction provides an opportunity to locate an establishment in
historic buildings located near abundant parking, courtesy of a new municipal parking deck
slated for construction later this year at Fourth and Cotanche streets.

“Some of the state’s smartest investors are starting to make large bets on real estate in
downtown Greenville,” she said.

Wilkerson, a Rocky Mount native with family ties to Greenville, said efforts will be made
with local stakeholders to populate the renovated buildings that are vacant with new
occupants to stimulate additional economic development for the area. Tenants with active
occupancies will be included in discussions about the future use of the properties they
occupy, but the revitalization plans could eventually result in their displacements,
Wilkerson said.

Thomas said his approach to the development opportunity was to keep his role simple.

“I tried to bring the private sector together with some families, start a conversation and get
out of the way. Sometimes that’s the best thing to do,” Thomas said.

The mayor said the project’s general time frame fits well with the city’s other development
plans, including the construction of a mixed-use building at 423 Evans St. and the parking
deck.

Also soon under way is the construction of a $40 million five-story student housing
complex on Reade Circle by investors Tom Taft and Jim Ward. The complex, with more
than 11,000 square feet of retail space on the ground floor, is expected to fill a void in the
downtown area that has posed challenges to developers in the past.

The CommunitySmith project will include construction and engineering Rehab Builders Inc.,
and Rehab Engineers, Inc., with architectural design by Dunn and Dalton of Kinston.
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Old 04-14-2013, 01:09 PM
 
3,323 posts, read 5,186,224 times
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This is another HUGE announcement. A few more and we will have a completely different uptown
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Old 04-14-2013, 01:12 PM
 
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Redevelopment, Triangulation, Community Revitalization, City Center | Community Smith

There's a four pic slide show on this home page (The first one is a Wilson project, the other three are the Greenville project.).
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Old 04-14-2013, 02:28 PM
 
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Reputation: 2359
So are they gutting everything from Rumors (on Cotanche) to The Other Place, and starting over? Will Rumors and The Other Place (or another bar) come back? The local ordinance gives these grandfathered bars six-months of non-use before they lose their ability to be strictly a bar.

I'm not necessarily for or against losing them, but I would hope whatever replaces them are a net-positive for the city.

I also wonder if the owners of the building due east of The Other Place (Hard Times and Club Paradise) would come on board. Not to mention Club Paradise needs to get shut down. It is a drain on society.
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Old 04-14-2013, 02:35 PM
 
1,674 posts, read 2,041,419 times
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It sounds like those places' interiors will be remodeled and updated as well. I'm guessing those establishments will be offered incentives to leave, whether it be aid in being relocated or with a nice, fat rent increase when their leases are up.
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Old 04-14-2013, 02:40 PM
 
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Reputation: 2359

I did this from memory. Am I missing anything? This is only for either constructing now, or confirmed projects.
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Old 04-14-2013, 02:43 PM
 
3,323 posts, read 5,186,224 times
Reputation: 2359
Quote:
Originally Posted by Phil A. Delphia View Post
It sounds like those places' interiors will be remodeled and updated as well. I'm guessing those establishments will be offered incentives to leave, whether it be aid in being relocated or with a nice, fat rent increase when their leases are up.
That's what I assume. But being two grandfathered-bars makes those two places worth even more. That is assuming the stakeholders even want to keep a bar there, after the cleanup.
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Old 04-14-2013, 02:59 PM
 
1,674 posts, read 2,041,419 times
Reputation: 1074
Quote:
Originally Posted by MrBojangles View Post
I did this from memory. Am I missing anything? This is only for either constructing now, or confirmed projects.
Transportation Center on Pitt and Bonners...
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Old 04-14-2013, 03:08 PM
 
3,323 posts, read 5,186,224 times
Reputation: 2359
Quote:
Originally Posted by Phil A. Delphia View Post
Transportation Center on Pitt and Bonners...
Duh. My mind was sparking to development over there, but I forgot about it.

Heres an updated-er map
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