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Mount Holly approves sale of 131 South Main to RTR Property Management for $600,000
Summary
The Mount Holly City Council voted to approve a developmental agreement to sell 131 South Main to RTR Property Management for $600,000, requiring a restaurant, office space, a 36‑month construction deadline and relocation of museum artifacts before closing.
The Mount Holly City Council approved a developmental agreement on Sept. 8, 2025, to sell 131 South Main to RTR Property Management for $600,000, setting specific reuse and construction requirements and tying the sale to a timetable and artifact relocation prior to closing.
City Manager Mister Blanton said the transaction is being processed under North Carolina General Statute 158-1 as a tool to negotiate disposition of publicly owned property, and that the agreement aims to preserve the building’s historic character while generating jobs and tax revenue.
Under terms presented to the council, the city’s most recent assessment placed fair market value at $525,000 and the sale price is $600,000, with closing set on or before Oct. 30. The agreement requires completion of construction within 36 months of execution. RTR must provide 1,200 square feet of restaurant space on the main level and about 5,868 square feet of individual office space in the building’s basement. The developer will pay closing costs and grant an easement for electrical utility equipment at the rear of the property. An estimated probable average hourly wage associated with the project was given as $25.09.
Blanton emphasized the sale will not close until the city’s personal property and museum artifacts are removed from the building; the agreement contains no leaseback allowing artifacts to remain after closing. The council was told staff followed a public request-for-proposals process earlier in the year and negotiated with the finalist after council direction in June.
Council Member Mister Huff moved to approve the agreement; the motion was seconded by Miss Shoemaker. The motion passed with Miss Shoemaker, Mister Craig, Mister Huff and Miss Harris voting in favor and Mister Reeves voting against.
The agreement now provides a framework for the developer’s planned renovation and the city’s oversight of required uses and timelines; staff and counsel will move to finalize closing logistics and ensure the artifact removal condition is satisfied before transfer of title.
