Reidsville Kicks Off Downtown Revitalization
The City of Reidsville has kicked off the revitalization of downtown with the recent purchase of the 116 year old Bank of Reidsville building located on South Scales Street. Hight Real Estate Holdings, LLC is acquiring and redeveloping the building along with an adjoining structure. The project will invest $1.4 million into downtown Reidsville, according to Tim Hight.
“This project is such an important piece of our efforts to revitalize our Downtown. The building is a cornerstone of the downtown business district and a key piece of the history of the City,” said city manager D. Kelly Almond.
Originally constructed in 1894, the old bank is planned to hold office space on the second floor lending the first floor to local Mebane restaurant The Cutting Board. “Having such quality people as Tim Hight and the folks at The Cutting Board to invest in Reidsville says a lot about the good things happening here. The restaurant fills a prominent need for downtown and all of the Reidsville area,” said Almond.
Algenon Cash, managing director of Wharton Gladden & Company structured the necessary capital for the redevelopment of the former bank building. With the utilization of their relationship with a local credit union, Wharton Gladden was able to negotiate the funding of a first mortgage for the project.
According to Cash, “Real estate development is central to healthy economic development for any community, so I am proud that we could play a primary role in creating jobs and improving the quality of life for the City of Reidsville.”
In addition, the City of Reidsville has agreed to provide additional support to the project through subordinated loans and direct grants. The City of Reidsville’s total support for the revitalization is roughly $375,000.
Hight stated, “The acquisition and redevelopment of this building was a great business decision that will provide an incredible return, but the greatest return is being able to be a source of light.”
The renovation of the former Bank of Reidsville building has provided an opportunity to the city of Reidsville to take proactive steps to revitalizing downtown. With the help and support of local firms Hight Real Estate Holdings and Wharton Gladden, a local city is seeing a bright turn around in local real estate investment.
“This was a solid opportunity with a strong developer, an excellent tenant, and a local community that was highly supportive,” said Cash.
About Wharton Gladden & Company:
Wharton Gladden & Company is a uniquely designed boutique investment banking firm that specializes in providing strategic advisory services, underwriting, capital placement and private equity for a diversified client base that includes corporations, real estate developers, financial institutions, investors, municipalities and high net worth individuals.