The City of Concord has sold the former Heilig-Meyers store downtown to CommunitySmith, LLC and Rehab Development, Inc. for $1. The developers intend to refurbish the building to contain 26 apartments.
The value of the property minus the building is, according to an appraisal by Parnell Appraisal Services, Inc., $140,000. However, the property including the building is appraised at zero, because demolition costs for the building would be $168,000.
Given the appraisal and demolition costs, selling the building for $1 is saving the city $28,000. Moreover, the city has been losing money each year in property taxes on the building that could not be collected, because the city owned the property.
According to the Concord Downtown Development Corporation (CDDC), the renovation of the Heilig-Meyers store is anticipated to increase the site’s value to $2.85m. Even if the value turns out to be only $2.3m, the site will provide the city with $11,040 annually in property taxes.
The nearly 30,000-square-foot, three-story new apartment building will feature a mix of one and two-bedroom apartments, live-work space, and occupant parking. Additional parking for residents will be available onsite.
To ensure the new apartment building achieves full occupancy as quickly as possible, a banner printing service could be used to drum up interest prior to the building being finished.
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400-50 McGill Avenue
Concord, NC 28027
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