ASHEVILLE, North Carolina, Feb 12, 2024 – Historic preservation-focused real estate firm GBX Group LLC today announced the acquisition of five buildings across Asheville that are listed on the National Register of Historic Places. GBX partnered with Preservation Society of Asheville and Buncombe County (PSABC) to protect some of these buildings, including placing historic preservation easement agreements on four buildings, which will permanently protect their historic character. The portfolio of historic buildings that entities affiliated with GBX acquired in 2023 includes the French Broad Avenue Methodist Church, at 14 N French Broad Ave., the Salvation Army Building at 175 Patton Ave., a home at 130 Biltmore Ave. that is currently a mixed-use commercial-residential complex, and commercial properties at 9 & 13 Broadway St.
By leveraging various federal, state, and local incentive programs such as historic tax credits and preservation easements, GBX and project partners can access critical, non-traditional financing sources that can make otherwise cost-prohibitive projects possible. With the addition of these new properties, GBX-affiliated entities have acquired and preserved 18 historic properties in Asheville since 2015. These include a trio of Bed & Breakfasts and the Asheville Supply & Foundry, now The Foundry Hotel Asheville, a Curio Collection by Hilton.
Partnership with PSABC on Historic Preservation Easement Agreements
Through the acquisition process, GBX and the Preservation Society of Asheville and Buncombe County (PSABC) entered into historic preservation easement agreements to protect the façades of these historic buildings in perpetuity according to the Department of Interior’s Standards for Historic Preservation, as administered by the National Park Service. PSABC will provide guidance and approvals on revitalization plans and will perform annual inspections to ensure compliance.
Historical Information and Improvement Plans:
14 N French Broad Ave., & 175 Patton Ave.
Built in 1928 and located at 14 N. French Broad Ave., French Broad Avenue Methodist Church is a Tudoresque red brick church trimmed with limestone built to replace an earlier building that previously had burned down. The adjacent Salvation Army Building, designed by local architect Charles N. Parker and constructed in 1928, represents the Neo-Federal style comprised of brick with a limestone trim. The building was vacated by the Salvation Army in the 1970’s after the organization outgrew its space.
GBX plans to undertake targeted improvements that will include façade restoration, upgrades to HVAC systems, and other tenant improvements that it believes are consistent with expectations in the modern office environment. The buildings will continue to operate and will be occupied as these updates are initiated and completed.
130 Biltmore Ave.
130 Biltmore Ave, located near downtown Asheville, takes an unusual form for North Carolina, with its massing and detailing being reminiscent of European or English homes rather than the typical Late Queen Anne or Colonial Revival residences seen throughout the region. According to historic maps, the building was erected about 1905 as “flats,” a rare move for Asheville during a time when demand for multi-unit housing was met either by large hotels or the subdividing of standard houses.
Updates will protect the historic character of these assets, while improving the marketability for new commercial and residential tenants.
9 & 13 Broadway St.
9 & 13 Broadway are located in the Downtown Asheville Historic District. Constructed c. 1915, the buildings are representative of the area’s commercial activity after Asheville rose to prominence in the late 1880’s.
In addition to restoring the historic façades of these buildings, GBX is exploring plans to potentially re-develop portions of the structure to market to a mixture of commercial, residential and hospitality tenants.
Contact:
Philip Winton
Vice President of Strategic Messaging
GBX Group LLC
