Ray Gibbs, President of Forward High Point, the non-profit organization coordinating the downtown revitalization for the City of High Point, announced today that they had signed a Purchase Contract on the building located at 101 South Main Street. The potential buyer for this building is “CMC Development Group” of New York and Atlanta.
This 8-Story, white concrete building, which has towered above Main Street for the last 50-years, has been vacant for about a decade. Known by various names over the years, this building has housed the offices of many of High Point’s leading businesses and attorneys. It is known for it’s Glass Pyramid over its sunken plaza that was formally the home of “Nobel’s Restaurant”. The building is over 135,000 SF of space, most of which has been gutted.
The building was donated to Forward High Point Foundation in October 2018 by International Market Centers (IMC) which purchased the building in 2011. Since that time Forward High Point has been marketing the assessing the building and marketing it for redevelopment. They issued a formal “Request for Proposals (RFP)” for the building in 2019. CMC Development was one of the companies that submitted proposals for a mixed use redevelopment it is call “The Hive”.
CMC Development Group is a Real Estate Development company based in New York and Atlanta, GA that is focused on capitalizing on economic opportunities in emerging urban areas by developing high quality housing and commercial mixed used properties. CMC’s investments focus on solid economic returns, affordability, green building sustainability and positive social impact on local communities. In the past 10 years, CMC has developed more than $150 million in new multi-family housing properties ranging from Workforce, Veterans, Special Needs and Luxury Condominiums. CMC is a Certified MBE firm and a leader in Public Private Partnerships.
Shaun Bell told us this about their company and interest in the property, “CMC Development Group and its partners Area Probe, PMTool Box and Turnwood Inland LLC have an extensive history of bringing innovative and transformative housing and mixed used projects that add to the history and vibrance of communities while creating employment and economic opportunities for local stakeholders. The Hive on Main Street will create a 24/7/365 active 21st Century community experience for the City of Highpoint.” Mr. Bell is the managing principal of CMC Development
Both Mr. Gibbs and Mr. Bell cautioned that this is just the first step in the redevelopment process for this building and that there was no start date at this time. They shared that renovation of a large, long vacant building like this is very complex and may take a year or more to find the right mix of uses that make good economic sense. Both organizations said they are committed to bring this building back to life.
Mr. Gibbs did not release the agreed to purchase price, but said it was equal to the value given to the property in an independent Appraisal complete a few months ago. He did say that CMC Development has made a Non-Refundable Deposit to Forward High Point for the time it has the property Under Contract.