“May we appeal to the men and women in Albemarle who are financially able to subscribe to the capital stock of the new hotel...?”
This question was penned almost exactly 100 years ago in 1921 by The Stanly News Herald as Dr. W.C. Fitzgerald set out to raise capital from the citizens of Albemarle to begin work on the original Hotel.
Today the site holds a remarkably similar proposition: an opportunity for anyone in the community to own a piece of the hotel and buy into the future of Albemarle.
The project is being led by Jordan Jones, a North Carolina native who grew up hearing stories of the hotel’s glory day from his mom - born in Badin, NC. Now a Durham resident and veteran real estate developer, Jordan has a passion for local communities and is eager for his firm, Anchor & Pillar, to play a part in Albemarle's economic growth.
Yes, across North Carolina there are successful downtown historic tax credit renovations of similar buildings into commercial and residential uses. Close by in Concord, Rehab Development completed two renovations called Lofts29 and The View at Hotel Concord. These projects delivered more than 60 residential units that have price points above what are proposing for this project. A more comparable project is located in downtown Elizabeth City, NC. Elizabeth City's population and median household income are very similar to Albemarle's. In 2020, the Weatherly Lofts opened up with 44 apartments. All of these units were leased in about 6 months at rental rates above those we are planning for The Residences at the Albemarle Hotel.
We have received confirmation from two 3rd party experts that the demand exists for these residential units:
(1) we hired Kimley-Horn & Associates to complete a market study for the project. Their analysis confirms demand exists for these residential units, even without Pfeiffer University's Center for Health Sciences.
(2) our lender hired Analytical Consultants to complete an appraisal on the project and their analysis also confirmed the demand for the units. Both of these reports are provided.
We have secured sufficient parking through purchase of the building and an adjacent parking lot to park the property's residential tenants. Visitors to the commercial tenant will utilizing public parking.
Anchor & Pillar is the real estate development firm behind this project. The name is a reflection of our purpose: to complete projects that serve as an anchor for the communities they're centered in and provide a pillar around which the people of that community can continue to build and invest in themselves.
Led by Jordan Jones, a veteran developer, the firm will be investing a minimum of $75,000 into this project and has an extensive real estate development experience, including:
Demo going strong!
Demo is in full swing! We are some removing interior walls to convert the small hotel rooms into larger spaces for the new apartments. In this process we remain focused on preserving historic elements such as flooring, plaster, doors and windows.
New building signs are up and had a great on-site meeting in Albemarle!
Thanks to everyone who joined our Q&A session. If you missed the event, listen to the recording below and sign up to receive alerts about future events. https://www.dropbox.com/s/ehwx9dn8vl1l0yr/Q%26A%20With%20Jordan%20Jones.m4a?dl=0