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Preservation North Carolina says 7 W. Guilford Street sale in due diligence; developers plan adaptive reuse
Summary
Preservation North Carolina reported that a buyer group entered contract on the historic city hall/police building at 7 W. Guilford Street; developers aim to reuse all three levels (about 22,500 sq ft) for residential and retail uses with a target closing before March.
Cathleen Turner of Preservation North Carolina updated the Real Estate Committee on the sale of 7 W. Guilford Street, the historic city hall/police building. Turner said Preservation NC used an Option to Purchase Agreement and marketed the property; an LLC formed by local-connected developers Brett Krueger, Josh Barnhardt and Tim Thomas signed a contract and is in a 90-day due-diligence period with an optional 30-day extension. "They plan to start developing the property as soon as possible," Turner said, and described plans to use all three levels (about 22,500 sq. ft.) potentially for residential or overnight accommodations and ground-floor retail to activate the site and support downtown businesses.
Turner said the architects involved have experience with large adaptive-reuse projects and the developers’ timeline aims for a closing by March, subject to environmental reviews and feasibility studies. Council members expressed support for the approach; no action was required at the Real Estate Committee meeting.
