Multimillion-Dollar Condo Project to Replace Davis Building in Downtown Winston-Salem

Strategic Insights -

Developers Kerry Avant and Thad Llewellyn have introduced a plan to replace the former Davis Department Store with a six-story residential building, which could end up being seven or eight stories and featuring 30 to 34 condos. The project, valued at over $15 million, aims to create a timeless and upscale downtown presence. The condo project is part of a growing trend in the 27101 ZIP code, where residential construction is revitalizing the area.

Key Takeaways:

  • The proposed building will be a six-story residential structure, potentially rising to seven or eight stories, with 30 to 34 condos and an investment of over $15 million.
  • The condo project is an addition to the growing trend of residential construction in the 27101 ZIP code, driven by economic officials who tout downtown dwellers as a key engine for area revitalization.
  • The project is expected to attract more investment and make the downtown area more attractive to potential residents and businesses.
  • The condo prices are anticipated to start in the mid-$200,000 range, with the possibility of including a restaurant on the ground floor.
  • The project's developers, Kerry Avant and Thad Llewellyn, have a vision for a timeless and upscale building that belongs in downtown Winston-Salem.
  • The city's development chief, John Allen, expects Avant to request council approval in February for infrastructure work, including the relocation of water and sewer lines under the strollway next to the Davis building.
  • The Downtown Winston-Salem Partnership cites nearly 600 residential units that were either started or completed in 2005 as evidence of the area's revitalization.

Statistics:

  • The proposed condo project is valued at over $15 million.
  • The city expects the project to drive more investment and make the downtown area more attractive to potential residents.
  • The Downtown Winston-Salem Partnership reports that construction either started or completed on nearly 600 residential units in 2005.
  • The proposed condo prices are anticipated to start in the mid-$200,000 range.
  • The project could attract 175 residents to the downtown area, according to Niemann Capital's project leader.

Sources:

  • "Byline: Bertrand M. Gutierrez JOURNAL REPORTER" (no specific date mentioned)
  • Brandon Newsome, aka "DJ Badger," CAPTION(S) (no specific date or attribution to the text)