Echelon Resources Inc. and LBD Investments are taking over Showplace West/One Plaza Center to redevelop it into market-rate apartments and about 9,000 square feet of retail.

The eight-story, 135,000-square-foot concrete office building at 101 S. Main St. was completed in 1971. In 2019, International Market Centers donated it to Downtown High Point. It was acquired in 2011 for about $1.49 million. The former office building was recently placed on the National Register of Historic Places.

Echelon Resources specializes in redeveloping historic buildings. It says it has repurposed several former factories, mills, warehouses, schools and residential buildings.

EDB, meanwhile, focuses on urban and suburban infill mixed-use and historic redevelopment projects in the Southeast.

KHP Capital Partners plans to convert the historic Johnston Building into a 245-room hotel. To be called The Beckwith Hotel, the 100-year-old, 17-story office tower at 212 S. Tryon St. will be gutted and whats renovated will be designed by Gensler.

The Charlotte Business Journal reports that KHP acquired the building from Spaulding & Slye Investments in May for $19.3 million.

The conversion plans for the building include hotel rooms, a ground-floor restaurant and coffee shop, a 10,000-square-foot meeting room, a 3,500-square-foot ballroom and a rooftop bar.

KHP plans to take advantage of any tax credits due to the building’s historic designation. The project is expected to be delivered in the summer of 2026.

Built in 1924, it was the tallest building in Charlotte when it opened.

Eastern Union has arranged $20.4 million in refinancing toward the conversion of a six-story, 137-unit hotel in Plano, into an assisted living residential community. The transaction was originated and managed by Meir Abrahamson, a senior loan consultant with Eastern Union. 

The property, which recently ceased operations as a Deluxe Inn, was formerly a Comfort Inn. It features single-loaded interior corridors, brick veneer, and wooded verges, was built in 1984 and renovated in 2005. The seller was Maheshbhai T. Patel. The hotel is situated on a 2.27-acre parcel at 700 Central Parkway East – and will be transformed into Parkdale Senior Living. The conversion is expected to be complete by the middle of 2026. 

The overall financing consists of two loans provided in conjunction with the SBA 504 program. The first loan is a $15,779,000 primary, permanent loan. The interest rate equals WSJ Prime + 2.75 percent, to be adjusted quarterly. The second mortgage is a bridge loan amounting to $4,669,000. It carries the same interest rate as the primary loan.  

Foundry Commercial has acquired a two-building, 338,301-square-foot office campus in Fort Mill, South Carolina. The company purchased the campus for $15.8 million and plans to redevelop it into an industrial park. 

Patrick Gildea, Matt Smith, and Robert Hardaway of CBRE’s Carolinas Institutional Properties team in Charlotte represented the sellers, LXP Industrial Trust, in the transaction. 

“We are beginning to see a number of office buildings, both suburban and urban, that are in the early stages of being repurposed for an alternative use,” Mr. Gildea added.

Located at 3476 and 3480 Stateview Blvd. in Fort Mill, the 32-acre campus includes two buildings totaling 338,301 square feet. The campus was built between 2002 and 2004 for a national financial services firm.

Foundry has started demolition of the existing office buildings and will begin development of a three-building, 465,000-square-foot industrial park with premier access to I-77 and I-485. Construction is expected to be completed in the third quarter of 2025. The project team includes Edifice Construction.

The landlord of a six-story office building near Perimeter Mall has sought approval to convert the space into 207 residential units for seniors. The 14-acre property, first developed in 1982, is known as Ashford Green (photo). Its office space is about 26% vacant. The proposal, fronted by Ashford Green Ventures, calls for five stories of new housing for residents ages 55 and older. Converting the office along Dunwoody Road to housing initially got the OK from Brookhaven’s planning commission. The Atlanta Business Chronicle reports the City Council has asked the developer to make changes before granting approval.

Another Brookhaven office development from the 1980s is also slated for more housing. The developer is focused on market-rate apartments.

Perimeter Summit, originally zoned in 1986, contains four office towers. Now, its owner, Spear Street Capital, has sold one of the few remaining undeveloped pieces to High Street Residential. Years ago, it would have been developed with office space. Now, High Street aims to build 350 apartments. High Street paid about $11.5 million to gain control of the 4-acre site.

Forman Capital provided a $9.41 million construction loan to a developer who will convert a vacant hotel into an apartment community. GoodHomes Communities will soon begin construction on a 5.25-acre site located at 2444 Maple Ave. in Burlington, N.C. Ben Jacobson, Scott Mehlman and Ty Regnier originated the debt on behalf of Forman Capital. 

GoodHomes is planning to convert 131 rooms at the hotel into 135 studio residential units.  OYO GoodHomes, as the new community will be called, will offer amenities, including a renovated swimming pool, fitness center, game room and storage space.  Rent is expected to be approximately $900 per month, which is well below average prices in nearby markets. 

Additional square footage will be available to lease to a commercial user.   

OYO is located near the I-85/40 interchange, providing commuters with access to major employers in and near Greensboro-Winston-Salem and Raleigh-Durham.  

The Dermon Building in Memphis was built 99 years ago, designed as an office building. It’s been vacant since 2010, but now a group is moving forward with a hotel. Turkey Creek Hospitality and Hospitality Builders of America are heading up the development team. The group is planning a 150-room Holiday Inn Express hotel. The project is estimated to cost $22.3 million. The development group plans to call the renovated property the Dermon Building by Holiday Inn Express.

The project received a 10-year PILOT (payment-in-lieu-of-taxes) from the Center City Revenue Finance Corp. (CCRFC).

The ground floor of the building is to be used for commercial space while maintaining a number of the original features to qualify for historic tax credits. Existing parking facilities would be utilized for guest parking.

The Dermon Building was added to the National Register of Historic Places in 1984.