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Piedmont Lofts
2024 Main Street Award: Economic Vitality
Best Adaptive Reuse Project
Rehab Development
Level 2 Development
Dunn & Dalton Architects
City of Monroe
The journey of the Piedmont Buggy Factory in Monroe is a story of transformation and collaboration. This story began in 1911 when this building was first constructed. The building was a commercial hub for decades, but by 1957, its doors had closed, leaving it abandoned and forgotten. That is until a team of visionaries came together to breathe new life into its historic walls. This ambitious project brought together the City of Monroe, Rehab Development, Level 2 Development, Dunn & Dalton Architects, and former city employees passionate about downtown revitalization. Together, they saw the potential in this historic structure and dared to imagine a new chapter for the Piedmont Buggy Factory.
The groundbreaking in September 2021 marked the start of a fifteen-month journey of restoration and reinvention. With meticulous planning and historic preservation efforts, the team transformed this deteriorated building into fifty-six stunning residential loft apartments. Modern amenities blend seamlessly with the original architecture, honoring its legacy while welcoming new residents.
This project was more than a renovation - it was a catalyst for revitalization. By preserving a historic asset, downtown Monroe attracted investments, increased residential density, and strengthened the community’s economic fabric.
This success was made possible through innovative funding, including historic preservation tax credits, a $400,000 interest-free loan, a $22,000 annual grant, and landmark status tax reductions. The economic impact speaks for itself. Annual property tax revenues soared from just over $4,000 to nearly $39,000,000. As of September 2024, occupancy was 88%, and downtown businesses now benefit from $682,000 in annual revenue generated by the new residents. Approximately 500 construction jobs were created or retained, and the ongoing management of Piedmont Lofts supports local employment.
Even the public parks are thriving due to this project. Don Griffin Memorial Park saw a 33% increase in reservations, Belk Tonawanda Park welcomed 30% more visitors, and ballfield usage rose by 40%.
This venture is a testament to what can be achieved when the past is honored while investing in the future. The Piedmont Buggy Factory has gone from a symbol of neglect to a beacon of possibility.
