May
23

R.J. Reynolds Building to be Converted to Mixed Use

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R.J. Reynolds Tobacco Company has announced that it has sold the historic Reynolds Building to a partnership consisting of PMC Property Group and Kimpton Hotels & Restaurants for $7.8 million. The building will be converted into a mixed-use building consisting of a boutique hotel, restaurant and upscale apartments.

“From the beginning our goal was to take extra time, care and effort ensuring we did this the right way. We wanted to come to the best result, not only for us but also for the city of Winston-Salem and the building itself, considering its historic significance,” said Andrew D. Gilchrist, president and chief commercial officer of RJRT. “We are confident that we have found the right owners to successfully transform this beautiful building while still honoring its place in the community, and once again make the Reynolds Building a centerpiece of downtown activity.”

Located in downtown Winston-Salem, N.C., the Reynolds Building is a 22-story art-deco style building completed in 1929. Designed by the highly acclaimed New York architectural firm of Shreve and Lamb, the Reynolds Building was selected as the 1929 Building of the Year by the National Association of Architects and later served as the model for the Empire State Building.

BLOG NOTE:

PMC Property Group is the same firm that redeveloped the Granby and Olympia Mills in Columbia. My firm did the appraisals on both, and they did a wonderful job. I’m sure that the conversion of the Reynolds Building will be equally as impressive.

Michael Dodds, MAI, CCIM

Categories : Winston-Salem

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