The Challenge
The Hanes Textile Mill was built in 1940 and sold in 1960 to the Brown and Williamson Tobacco Company. In 2000, this historic building was vacated and the surrounding community and all other historic structures fell into disrepair.
The Plan
In 2000, Goler CDC acquired approximately 15 acres of land in the surrounding community and selected Landex to help restore this once grand neighborhood, now renamed The Heights. Landex designed and obtained financing for the adaptive use and spearheaded its transformation into the Gallery, a collection of 82 urban lofts, using state and federal historic tax credits.
Financing
- Construction Loan
- $16,000,000
- Fannie Mae
- $11,000,000
- Equity
- $8,500,000
Results
The Gallery is an historic 150,000 SF building that was transformed into 82 luxury loft apartments ranging in size from 800-1400 SF. The property is located adjacent to downtown Winston-Salem, just a short walk from the Arts District, Restaurant Row and the northern border of the Piedmont Research Park. The building has access-controlled underground and surface parking, a state-of-the-art fitness center, a resident lounge, a coffee bar, a business center and a rooftop garden.
The architectural design of the redevelopment builds upon the trapezoidal shape of the building. The interior common space on each floor is a two story triangular atrium that serves as a functioning art gallery where local artists display their art on a rotating basis.
There are no narrow hallways; rather, the interior space is open, aesthetic and inviting. For two consecutive years, the Gallery has received an award for the Best Design from the Winston Salem Home Builders Association.
All of the historic characteristics of the building, both inside and out have been preserved and the building has been designated as historic by North Carolina Preservation as well as by the National Park Service of the US Department of the Interior.