Proud to Announce the Historic S & W Building to Open as a Food and Beverage Hall in Spring 2020

Asheville’s iconic S&W Building will become a food hall focused on the best of local food and beer when it opens next spring as The S&W Market. The Ellington Realty Group project will revitalize the building, located at 56 Patton Avenue, which will become home to a roster of top local restaurants curated by culinary consultant Meherwan Irani of Chai Pani Restaurant Group.

The S&W Market will also welcome Highland Brewing Company back to downtown, where their story began 25 years ago. Asheville’s original craft brewery will anchor the two-story space and feature a first-floor bar area and a mezzanine-level bar, tasting room and event space. Highland’s founder, Oscar Wong, said, “Highland was part of the rebirth of downtown Asheville back in the 90s along with many others – to return downtown and be part of the rebirth of this iconic building is nothing short of amazing.”

Upon entering the building, guests will be greeted with a sampling of flavorful dining options from four Asheville-based food stalls hand-selected for their crave-worthy offerings and ties to the city along with Highland Brewing’s main level bar.

On the mezzanine, an expanded lineup of Highland’s small-batch, sour, and barrel-aged beer offerings will be featured. The space will have seating for guests to enjoy a pint with their food and a view of the activity below or the city outside.

“I’ve never had an interest in opening a second taproom,” said Highland’s second-generation Family-Owner and President, Leah Wong Ashburn. “But this confluence was powerful. We are engaged in revitalizing a piece of Asheville’s history and working with an incredibly talented group of Asheville entrepreneurs who all believe in authenticity, family, and having fun with this project.”

The feeling is mutual. The S&W was purchased in 2017 by brothers Douglas and Kenneth Ellington, who are the great-nephews of the building’s noted architect Douglas Ellington.

“There is a great deal of meaning for us in this particular project,” says Douglas Ellington. “We’re honored to work alongside Meherwan and the wonderful team at Highland Brewing to create a welcoming space that will enhance our downtown community and revitalize a beautiful historic building that has provided fond memories for many in Asheville.”

Listed on the National Register of Historic Places, the revived S&W will serve as an homage to the property’s storied past, while also honoring its place within the Asheville community’s future. The S&W Building is a celebrated staple among the city’s buzzing downtown for its’ striking Art Deco style and intricate architectural details.

Much of the time-honored space will remain unchanged, including its familiar facade of wide arched windows and terra cotta panels, accented with richly colored green and blue tiles. A revamped interior will seek to evoke the same
energy of the bustling dining destination that many enjoyed growing up in Asheville and ample sidewalk seating will adorn the building’s front.

“With the culinary mecca that Asheville has become, we feel that a food hall focused on the best of local food and beer in the center of downtown will be a huge hit with both locals and out-of-town visitors,” says Burns Aldridge, managing broker of Ellington Realty Group. “Food halls have become incredibly popular in the past few years as the consumer demand for authentic healthier yet casual food options has grown. The S&W Market will offer counter service with delicious local food, just as the building was originally intended.”

Restaurateurs signed onto the project will be announced at a later date. For more information, call Ellington Realty Group at 828-575-1500.

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Ponce City Market a Literal and Visual Feast

Ellington Realty Group had the opportunity to visit Ponce City Market in Atlanta yesterday, and how glad we are that we did. This project, in a former old massive Sears & Roebuck building, is a treat to discover. The first floor houses an incredible food hall, with a mix of restaurants and styles. Of course we ate at Chai Pani Group’s Botiwalla which did not disappoint. The upper floors are retail, with a very thoughtful mix in place of tenants, and residences. This place has a great feel to it and is worth the trip.

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Invest Around theThe Great Smoky Mountains National Park

Here’s a great insider tip! Now is the time to invest in commercial real estate within 60 miles of the Great Smoky Mountains National Park.  Visitors spent $953 million in the 60 mile radius around the park last year.

Contact us to find out more about income-producing properties in that vicinity.

https://wlos.com/news/local/smokies-national-park-953m-in-2018-local-visitor-spending

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The stories behind commercial real estate

On the surface, it may seem that commercial real estate is just about the numbers: how much money a person can make off an investment over a long period of time. And that is part of the story. But commercial real estate, especially in a place like Asheville, is as rich and diverse as it’s people.  It’s the small restaurant that was started by someone with no formal cooking experience and big dreams who now has a line out the door every day. It’s the art gallery that brought an old dilapidated building on an empty corner back from ruin and filled with buyers. It’s the former run-down old skating rink that’s now a popular barbecue restaurant written up all around the world. And it’s the former auto shop that two women with a food truck knew would make an amazing spot for a beer garden.

Every time we work with someone, we get to know and be a part of their story and that is, by far, the best part of this business. There is money to make, and return on investments to worry about, and interest rates and CAM fees. But it’s so much more than that. It’s about being a part of a community, one building, and one story at a time. What’s your story? We would be honored to be a part of it.

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Asheville Mall Sears store to close in July

According to a report on money.cnn.com, between 20% and 25% of American malls will close within five years. That kind of plunge would be unprecedented in the nation’s history.
The reasons are nothing new. People are shopping online more than ever, and that trend is expected to keep growing. Foot traffic at malls has been on the decline for years. The report estimates that as malls close, online sales will grow from 17% of retail sales today to 35% by 2030.

There are also, quite simply, too many stores after years of new mall construction caused a retail bubble.

The closing of the Sears at the Asheville Mall is no surprise. A redevelopment plan is in the works however, to repurpose the space instead of the entire mall closing.

https://www.citizen-times.com/story/news/local/2018/04/17/asheville-mall-sears-store-close-july-2018-heres-what-we-know/520703002/

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Would you live at the Asheville Mall? It may be on possible with this developer's plan.

ASHEVILLE Citizen-Times— In an era when shopping malls are fading into oblivion, the Asheville Mall has no intention of following suit. Part of its strategy? Living there.

A preliminary permit plan submitted last month by Seritage SRC Finance LLC to the city’s development services department details a $45 million redevelopment project in and near the mall’s Sears store.

Plans show the addition of restaurants, retail stores, a 10-screen multiplex movie theater and a six-story structure with 204 multifamily housing units. It likely would be among the largest single investments at the facility since it was built in the early 1970s.

Even in Asheville’s modern development culture — where rental housing is necessary, given a period of sustained demand — the project could be a game-changer, at least as far as the mall’s long-term viability is concerned. Its addition differs from tradition in the shopping-heavy corridor of Tunnel Road, and from enclosed shopping malls, in general.

Read more here:

http://www.citizen-times.com/story/news/local/2018/01/11/would-you-live-asheville-mall-redevelopment-plan-raises-questions-intrigue/1012682001/

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The Lofts at Reynolds Village in Woodfin sells for $36.6M

 

WOODFIN — The Lofts at Reynolds Village, a mixed-use apartment and commercial complex in Woodfin, recently was acquired by a Texas-based real estate investment chain for $36.6 million.

The 201-unit luxury apartment complex with 60,000-square feet of commercial space was sold by The Lofts at Reynolds Village LLC, an investment group led by Kirk Boone. It was purchased by Transcontinental Realty Investors, Southern Properties Capital and Abode Properties, a chain which used the name LARV TCI LLC, a North Carolina Special Warranty Deed filed last week shows

Boone, who has been involved with Reynolds Village and Reynolds Mountain developments since about 2000, said his investment group determined it was the right time to sell.

http://www.citizen-times.com/story/news/local/2017/10/11/lofts-reynolds-village-woodfin-sells-36-6-m/740368001/

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