A vacant historic downtown Winston-Salem office building will soon be getting new life as Maine-based developers plan to invest as much as $20 million to convert the building into apartments.
Developer Hide Tide Capital, which specializes in restoring historic landmarks, purchased the Loewy Building located at 500 W. Fourth St. from the Housing Authority of Winston-Salem for $3.1 million Tuesday. The building also comes with about a half-acre of parking lot space that is listed as a high-rise development opportunity site by the city of Winston-Salem.
Josh Patinkin, one of the three principals of High Tide Capital, said that the company buys historic buildings like the Loewy Building for conversion into multifamily housing. As the firm’s first deal in the Triad, Hide Tide will renovate the Loewy Building into about 50 apartments and will also include about 8,000 to 10,000 square feet of retail space along Fourth Street.
Read the full story on the Triad Business Journal’s website.
