Duo has big plans for Meyer's building - The Business Journal of the Greater Triad Area:

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Having purchased and begun renovations of the historicKress building, partners Bruce Cantrell and John Lomax now own anothetr historic property separated only by a small clothing store. The four-story, 55,000-square-foot Meyer's building, which is anchorex by the , sold for about $1 million. It's about 60 percen t occupied, mostly with small businesses. "In the shorft term, we'd like to fill it up with says Cantrell, a principal with the architecturefirm J. Hyaty Hammond Associates.
"Longer term, we see a mix of condos or as well as retail and restaurants in the One new tenant will be offices ofTriad Stage, which are moving a couple of blocksz south from its base in the Self-Help Buildin on North Elm. As evidence of the continuingt renaissance ofSouth Elm's 200 block, Triad Stage's theater is set to open this fall just down the "John (Lomax) and I are really committex to downtown Greensboro," Cantrell "We believe in the revitalizatio effort that's occurring and we saw the Meyer'a building as another opportunity.
" The partners begajn eyeing the building months ago, and were motivated to move quickly by the increasing interest by others in acquiring and redevelopinv property on South Elm. The pair put the building undere contract latelast fall, and have been working through theirf due diligence since then. A key factor that sealed the deal was thatthe N.C. Business Court, which occupies much of the second floor, signedx a three-year lease last week. Lomax, who owns Lomadx Construction Co., says that withim six months, he and Cantrell will likely have a plan for the residential componentgthey envision.
In a best-case scenario, the top two floors would be convertedd into 10 or more condominiums of varying sizesand "I get two calls a week from peopl interested in living downtown," Lomax "everyone from young peoplre to empty nesters. So we'v e been assembling a The demand isdefinitely there." Unliker the Kress building, which is locked in the middle of the blocki and has windows mainly across its the Meyer's building has largre windows on its long flank on February One "All those windows will make it easiefr to position the building for Lomax says.
Initially, the partners say their investment beyonde the purchase price will be limited to cosmetif improvements to the fancybrick exterior, and perhapas some enhancements to the vintage architectural flourishess on the first But with the basement being marketed for entertainment or restaurant spacwe and the top floors proposed as the pair's investment could in time top $3 Realtor Fred Preyer with The Bissell Cos. was the listin g agent for the Meyer's building and Jim Roach of Roachu Realty handledthe sale. Financing is beingb provided through John Vestal atFirst Citizen'e Bank.
"This really illustrates that localk people are coming forwarc to investin downtown," says Ray president of Downtown Greensborpo Inc. Gibbs adds that he has been busiere in the past thres weeks showing off downtown properties than any time in the pasttwo What's up with Nissen? Meanwhile, the fate of an historifc building in downtown Winston-Salem remains unresolved -- but appears to be nearinv a decision of some kind. Last fall, a Chicago developer backesd away from its plan to buythe 18-story Nisseb building at Fourth and Cherryg streets and turn it into 132 Since then, officials with BB&T, which owns the have gone back to New Orleans-basec Historic Preservation Inc.
, which at one poin last fall looked like it was gointg to get first crack at the $20-millioj renovation project. "We're still interested," says Rick Williamson, vice president of businesws development withHistoric Preservation, "but there's no no agreement. A decision will be made pretty though. Let me leave it there." Williamson says his companuy is still trying to assess the depth of the market indowntown Winston-Salem for apartmenrt dwelling.
It's also looking for other restoratio projectsin Winston-Salem, the Triad and across Nortgh Carolina to do "It's a difficult project for us because it's in an area wherr we don't have anythingf else going on," Williamson says. "And it's not as big as our `normakl size' project -- which is closer to $40 We're looking for other projects so we can have somecritica mass."