Reporter-Triad Business Journal
VIA BizJournals.com
A boutique hotel and apartments are planned for the iconic Reynolds Building in downtown Winston-Salem, a striking edifice that served as the model for the famed Empire State Building in New York City.
A partnership between Kimpton Hotel & Restaurant Group LLC of San Francisco and PMC Property Group of Philadelphia intends to purchase the 314,000-square-foot Reynolds Building from ownerReynolds American Inc. (NYSE: RAI) and convert it into a botique hotel and apartments, said Josh Ward, a director withCushman & Wakefield in Charlotte, which conducted an appraisal of the vacant Reynolds Building.
Ward corroborated several sources who spoke to the Triad Business Journal on the condition of anonymity about the redevelopment plans.
Brokerage CBRE Inc. lists the 22-story Reynolds Building for sale for an undisclosed price.
PMC declined to comment about the project. Officials with Reynolds American and CBRE were not immediately available for comment.
Ward said Cushman & Wakefield was hired by a group of lenders, whom he declined to name, to appraise the building as a vacant shell prior to its purchase by the Kimpton/PMC partnership.
The Reynolds Building would be the first North Carolina property for San Francisco-based Kimpton Hotel & Restaurant Group Inc., which has 60 botique hotel locations and close to 70 restaurants in 17 states including Virginia and Georgia. The building would also add to the East Coast presence of PMC Property Group, which specializes in converting historic and urban buildings into luxury apartments.
It’s not immediately clear how many hotel beds or apartment units will be developed in the Reynolds Building.
