PMC Property, Kimpton Hotels to Convert Iconic 314,000-Sq.-Ft. Reynolds Building to Mixed-Use Upscale Apt. Property; State’s First Craft Beer Incubator Coming to Rocky Mount
- May 29, 2014
by Adriana Pop, Associate Editor
The historic art-deco style Reynolds Building in Winston-Salem will once again become the centerpiece of downtown activity, according to Andrew D. Gilchrist, president and chief commercial officer of R.J. Reynolds Tobacco Co.
An indirect subsidiary of Reynolds American Inc., the entity recently sold the 22-story property to a partnership between PMC Property Group of Philadelphia and Kimpton Hotels & Restaurants of San Francisco. The joint venture purchased the 314,000-square-foot building for $7.8 million, with plans to convert it into a mixed-use high-rise featuring a boutique hotel, restaurant and upscale apartments.
Designed by the renowned New York architectural firm of Shreve and Lamb, the Reynolds Building was completed in 1929. That same year, the high-rise was recognized as the Building of the Year by the National Association of Architects and later served as the model for the Empire State Building.
“We are very excited to be in Winston-Salem and to have such a magnificent building to offer as part of our collection of boutique hotels,” Mike Depatie, Kimpton’s chief executive officer, said in a news release. “Our guests want to feel like they are part of a community when they stay with us, and the Reynolds Building is full of the rich history and elegance that reflects the City of Winston-Salem.”
“We have had our eye on downtown Winston-Salem for a number of years, and we are ecstatic that our first foray into the city is such an important landmark as the Reynolds Building. We are looking forward to bringing our upscale residential living experience to the area and introducing a dynamic, downtown destination with our partner, Kimpton Hotels,” added Ron Caplan, president and founder of PMC Property Group.
In other news, the Triangle Business Journal reports that the American Tobacco Campus and Capital Broadcasting are planning to transform an old Rocky Mount textile mill into North Carolina’s first craft beer incubator.
The project aims to become an economic development tool by offering craft brewers the opportunity to use equipment, collaborate and learn the best ways to establish and run the business.
Other breweries in the planning stages in the Eastern North Carolina region include Regulator Brewing Co. in Hillsborough, Tarboro Brewing Co. in Tarboro, and Fox & Crow Brewing Co. in Wilmington.
Photo credits: Wikimedia Commons