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2019 Award of Merit - The Best Public-Private Partnership in Downtown Revitalization
Concord, NC
Built in 1926, the Hotel Concord is the most prominent building in Downtown Concord.
The Hotel Concord was designed by noted New York architect William L. Stoddart. The six-story building was designed in the Beaux Are Classical Revival Style and faced in red brick & limestone. It once had 87 guest rooms, but began operating as low-income housing during the mid-twentieth century until 2011 .
The properties included in this project were subject to multiple ownership. The parking lot, telephone exchange building, and the former bank lobby were owned by Fifth Third Bank, while the balance of the structure was owned by Union Street Corporation, LLC, a private for-profit corporation of approximately 170 stockholders. Rehab Developers gained ownership of the entire 46,000 square foot hotel and the adjacent telephone building in 2016. Once acquired, the project directors made plans to create forty market-rate apartments on the upper floors, restore the historic ballroom and create seven retail spaces along Union Street and Cabarrus Ave. The project was completed in 2018.
The Concord Downtown Development Corporation staff was actively involved in writing a request for proposal for the project and showing developers the property. The Concord City Council moved the project forward and provided a $75,000 loan for the redevelopment, and Cabarrus County provided a $105,000 grant for the project. Rehab Developers and their partners provided the vision for the property, and the entrepreneurs saw the commercial space as a blank canvas to create or expand a business within the community. In addition to the apartments, the Hotel Concord is now home to a hobby game store, a gourmet food market and a gift store, and an existing bakery that has expanded to occupy the full space of the telephone building.
The $6.4 million dollar historic tax credit project is one-hundred percent occupied. The rehabilitation added an additional $3.4 million dollar in property valuation that netted an additional $17,000 in taxes. In addition to the apartments, the property is home to five new downtown businesses that created fifteen full-time and part-time jobs.
Congratulations to this Small Town Main Street community for its 2019 award.
The Best Public-Private Partnership in Downtown Revitalization award category recognizes a creative and positive partnership between a local government and the private sector.
An Award of Merit is presented to: Rehab Development, the City of Concord, Concord Downtown Development Corporation and Cabarrus County for The View at Hotel Concord.