PRESS RELEASE
Local real estate investment firm, Biltmore Property Group (BPG), along with its partners Beverly-Grant, Inc. and several local investors, is restoring the Historic Biltmore School at Vanderbilt Park. When complete the project will feature 58,000 square feet of professional office suites for purchase or lease built to tenant/buyer specifications. Interior demolition is complete with anticipated openings in the building starting July 2012.
The school was built in 1927 on property donated by the Vanderbilt family. In its earliest days, the school housed Biltmore High School, Biltmore Elementary School and Buncombe County Junior College. Later, it served as office space for the Buncombe County Sheriff’s Department and the 911 Call Center. For more than a decade however, the building has stood vacant and previous attempts to renovate it for a museum or condominiums were unsuccessful. At one time, the building was considered for demolition.
“The historical significance of the building and dominant location in the marketplace furthered our belief that restoring Historic Biltmore School was the best option. In this tough real estate climate, we were able to join a solid group of local investors, and with the expertise of the contractor, Beverly-Grant, we will see the building come to life,” said John W. Bell, CEO of Biltmore Property Group.
Alan McGuinn and Bryan Moffit of ARCA Design are the architects of record. The exterior facades will be restored with original design elements per the 1926 architectural drawings by W.H. Lord. Complete renovation of building will include all new mechanical and electrical systems, historically sensitive windows, a new roof, restoration of existing copper cupola, addition of two new elevator/stair towers, new parking areas and creation of an exterior shared courtyard. Total cost is expected to be $12 million. Capital Bank is providing construction financing.
“Historic Biltmore School is a project we’ve coveted for many years. Although conversion of high school classrooms, corridors and an auditorium to Class A space poses many challenges, our architects and project team have created a wonderful, adaptive reuse of this iconic building,” said Rick Grant, developer and president of Beverly-Grant.
The office suites will maintain many of the buildings historic features including large windows, high ceilings, exposed brick and original hardwood floors in some spaces. With early commitments from The Community Foundation of Western North Carolina, Altavista Wealth Management, Carolina Internal Medicine Associates, TS Orthodontics and ARCA Design, the building is more than 55 percent leased.
For sales and leasing information, contact John Spake with Spake Real Estate at (828) 277-9670 or visit spakerealestate.com.
Historic Biltmore School will host an open house and ribbon cutting on Wednesday, April 25 from 5-7pm. Tours of the building and refreshments will be provided.
About Biltmore Property Group, LLC
Based in Asheville, NC, Biltmore Property Group is the management arm of Biltmore Property Group Real Estate Trust, a fully-integrated privately held company with offices in Asheville and New Orleans. It has more than 15 properties across several real estate platforms: retail, warehouse, office, mixed-use and multi-family. BPG is one of the most active developers in the Southeast and the largest real estate owner in Historic Biltmore Village (Asheville). Additional information can be found at www.biltmorepropertygroup.com.
About Beverly-Grant, Inc.
Beverly-Grant provides development and construction services in the Southeastern United States and is headquartered in Asheville, North Carolina. In business since 1955, Beverly-Grant is the largest general contractor based in Western North Carolina and specializes in medical, commercial, residential and industrial construction. More information at www.beverly-grant.com.
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