Winston-Salem, N.C.- based development firm, Rehab Development Inc., and Washington, D.C.- based firm, Level 2 Development, today announced plans to acquire 549 High St. for redevelopment.
Under the joint name, River District Lofts LLC, this group plans to start renovations to this historic building this fall, creating 21 market rate apartments. This project is estimated to be completed in the fall of 2016.
Last year, the Danville Redevelopment and Housing Authority (DRHA) acquired this property due to its unstable nature. Soon thereafter, one of the two buildings collapsed, leaving the street unsafe for pedestrian and vehicular traffic. In an effort to save the corner building, the DRHA and City partnered to recruit a developer to stabilize and redevelop this quickly deteriorating structure.
“We are pleased to be part of this redevelopment effort in the River District,” said Gary Wasson, executive director of the Danville Redevelopment and Housing Authority. “Projects such as this at 549 High St., that re-use existing buildings to provide new housing opportunities, are a significant contributor to the revitalization of the River District.”
The City of Danville’s Community Development Department began demolition of the collapsed building, which will be converted into an interior courtyard and parking for residents of this building. Noting the significance of this project, Earl Reynolds, director of the Community Development Department, stated, “It is our hope that this project will be a catalyst for additional historic rehabilitation in the Spring, High and Floyd street sections of the River District.”
Both firms have been involved in a number of projects as the developer or contractor in Danville over the past seven years. Projects include the Ferrell Historic Lofts, Lynn Street Lofts, Westmoreland Schoolfield Senior Apartments, Pemberton Lofts, and The Continental.
“Rehab Development and our Washington, D.C.- based partners, Level 2 Development, could not be happier to begin another residential redevelopment joint venture in Danville’s River District,” said Patrick Reilly, president of Rehab Development Inc. “The River District has made tremendous progress reinventing itself over the last several years into a modern economy , and we are happy to continue to be a part of that successful effort.”
Corrie Teague, assistant director for the Office of Economic Development, thanked the partners of River District Lofts, LLC for their continued investment in the River District.
“Patrick and his team have a proven track record in the city of Danville," Teague said. "They’ve been able to save historic buildings that were on the brink of being condemned and convert them into beautiful living spaces. We feel that their investment in this building will spur significant development in the western portion of the River District.”
For more information about Rehab Development and Level 2 Development, visit www.rehab-development.com and www.level2development.com.