A North Carolina company that redevelops historic properties for reuse as affordable housing and other uses has its sights set on Winder’s Granite Hotel.
The Landmark Group of Winston-Salem would like to use about 20,000 square feet of the building to develop 15 apartments marketed for rental to low-to-moderate income households.
That would leave about 3,200 square feet of first-floor retail space at the Broad Street entrance to the building that would be built by the building’s owner, the Winder Downtown Development Authority.
Mike Rice, chairman of the DDA, said Landmark would provide at least $100,000 in cash to help the DDA prepare that retail space for lease.
The company also plans to develop about 40 additional affordable-housing units at Maynard Street near the Barrow County Senior Center.
Both the Broad Street and Maynard Street projects would be privately owned, and rents would be geared toward households with incomes ranging from $20,000 to $35,000, according to those familiar with the company’s proposal.
COMPLICATED DEAL
The deal hinges on the ability of Landmark to obtain millions of dollars in federal tax credits tied to historic preservation and affordable housing development. The company is familiar with the process, because it has undertaken similar projects in eight states.
The other critical piece is the city’s ability to obtain a pending, $500,000 economic development grant through the Georgia Department of Community Affairs for the restoration of the hotel.
That grant, which appears likely, would be provided by the DDA to the developer toward the end of construction and would be paid back to the DDA over 15 years at a low interest rate, said Rice.
That money then could be reinvested in other downtown properties through a revolving loan program, he said.
The company also would lease from the DDA parking space in a nearby lot donated to the DDA by The Peoples Bank, Rice said.
With an annual budget of only $25,000, the idea of having a source of regular income is very appealing to the all-volunteer DDA.
But for the deal to come together, the Winder City Council must quickly approve a conditional use permit to allow the residential use downtown. Then Landmark, working under very tight deadlines over the next month or so, must submit applications for the federal tax credits.
The company then will use those tax credits to obtain private investment for the construction.
To win quick city approval, Rex Todd of Garner, N.C., made a presentation on Landmark’s behalf at the DDA’s Monday meeting. The DDA board voted unanimously to support the company’s application process, Rice said.
Winder planning director Barry Edgar said this week that while there are a lot of legal issues to be hashed out before the deal can go through, he has looked into the company itself and feels comfortable with the people involved.
“They have done stuff all over the state and in other parts of other states,” Edgar said. “So we’re a little bit familiar with them. I feel OK. Yes, I do.”
THE REACTION
Though Landmark’s proposal has come out of the blue in only the past month or so, it is generating the first real hope in years that the hotel can be preserved.
Rice said Landmark would rehabilitate the entire structure, in addition to building out the apartments.
Jerry Maynard, owner of Maynard & Bartlett Realty Group LLC, attended the DDA meeting and said it sounds like a good thing.
“I think it would be an excellent thing to have people living in downtown Winder,” he said.
Added Chris Maddox, whose bank is one of the largest private investors downtown: “I would be in favor of almost anything to fix up the Granite Hotel. I think a good, well-thought-out deal at the hotel could make a real difference in Winder.”
Helen Person, chairman of the board of the Barrow Preservation Society Inc., said she and two other members of her group were on hand for Monday’s presentation.
“We all had a real good feeling about it,” she said. “Our main concern is that the building be saved and become part of the retail landscape again.”
She said Landmark utilizes as much of the historic fabric as possible.
“While the Granite Hotel doesn’t have a lot of usable historic fabric left in its interior, what can be utilized will be since it contributes to its overall character and credibility as a historic property.”
The conditional use permit application will go before the Winder Planning Board on June 1.
Does Winder really need anymore retail space? In case anyone hasn't noticed yet, retail just doesn't work in Winder. I say tear it down and build some green space for downtown. Anything will better than turning it into low income housing, I mean come on people do we really want to turn downtown into a getto?
I think turning the hotel into condos (not apartments - ownership is better than renters) and adding shops on the 1st floor is a great idea. I'd like to see an IHOP (yea, yea, I know - We've got Waffle House, Huddle House and Golden Carrel) or some quint shops (look to Social Circle, Brasselton, etc...) to draw people into Barrow.
You use an OFFENSIVE term to those who suffer from Cretinism, a legitimate and significant medical condition not often seen in North America.
Have YOU ever been in a REAL ghetto? Let me know we'll meet up and I'll be happy to arrange a tour for your lily white ... well never mind.
Charlie
Umm, I will do better than define getto, I will tell you where you can go to see a getto (by Barrow Co. standards anyways). The projects at Glenwood, Auburn trailer park, Horton and Duke st. in Winder, Holly Hill apts. and the Statham trailer park.
Everybody knows that only reason folks venture into these neighborhoods (unless they live there) is to buy or sell drugs. And BTW, these are all "low income" neighborhoods. So is this what we want for downtown Winder?
If the city has the fortitude to not social engineer then maybe this can be something useful, but one has to wonder why a LOCAL developer hasn't had a similar idea, and executed it, which would be a much better idea since that person must live with plan
Charlie