2016 Best Public-Private Partnership
Lofts 29 is an adaptive reuse project of the historic Bell and Harris-Maxwell Brothers Furniture Store building which resulted in the construction of 26 market-rate apartments, the first of their kind, in Downtown Concord. The City of Concord had owned the vacant building, a contributing property to the historic district, for thirteen years. It was slated for demolition, having been deemed salvageable. The Concord Downtown Development Corporation introduced Rehab Development, Inc., to the property while seeking a developer for the nearby Hotel Concord. After determining that the cost of removing the building exceeded its value, the City and Rehab Development agreed on a price of one-dollar ($1) that made the project's financial model work. The developer used historic tax credits and both the City and the Concord Downtown Development Corporation offered economic incentive grants equal to 85 percent (85%) of the property taxes on the improved value for three consecutive years.
The total investment for the project was over $2.7 million. The project began in August of 2014 and was completed in December of 2015. The apartments, which were fully leased less than five months after being completed, are expected to generate over $270,000 per year in sales of goods and services in Downtown Concord. The success of the project that resulted from this public-private partnership helped Rehab Development and the Concord Downtown Development Corporation convince city and county officials to make a sizeable investment in the nearby Hotel Concord redevelopment project.
The NC Department of Commerce – NC Main Street Center and Rural Planning Center congratulates Rehab Development, Inc., City of Concord and Concord Downtown Development Corporation for this wonderful project!