100 Westwood Ave
Peters Development, LLC announces
New Assemblage of Land for Redevelopment on N. Main Street, High Point, NC
Peters Development, LLC, a real estate development company based out of High Point, NC, announced today that it has completed the purchase of 100 Westwood Ave situated at the corner of N. Main Street and Westwood Ave in High Point, NC. With this purchase, the company has now assembled three adjoining parcels at the signalized intersection for redevelopment.
In 2021, Peters Development purchased 711 & 715 N Main Street, and demolished the vacant, dilapidated buildings on the sites. “We worked diligently to acquire an assemblage of neighboring properties for our new development. With our planned new building, we will dramatically change the landscape of this important corner property,” said Elise Peters Carey, President of Peters Development. “We will continue to redevelop vacant and rundown buildings into modern projects that showcase a new High Point. We remain purpose-driven to attract more jobs and businesses to our downtown,” according to Dr. Lenny Peters, CEO of Peters Development.
The building at 100 Westwood Ave will also be demolished in the future to make way for the new development. The company is seeking a bank as the anchor tenant for this project and has engaged in discussions with multiple tenant prospects already. Peters Development has hired CJMW Architecture to design the new, three-story 36,000 SF building, which will contain a drive-up bank teller window on the main level for the retail bank branch location. The second and third floors will be class A office space.
According to Dan Hill, Director of Real Estate, “Peters Development is very excited to kick off the planning stage for this new development. This is our fourth project near the intersection of Westwood Ave and N. Main Street. We see great potential in this block due to its location in the heart of everything High Point has to offer: the new downtown ballpark district, the Furniture Market, and High Point University. We first completed construction on 645 N. Main Street in 2020, which currently serves as headquarters for all of our related companies,” according to Hill.
The company’s second project in this area is 665 N Main Street which will be completed by the end of March 2022. The 665 building contains shell restaurant and retail space on the ground floor, as well as office space available for lease on the second floor. Peters Medical Research will occupy the entire third floor along with the private outdoor terrace. Following the opening of 665 N Main, the company will complete its mixed-use project at 650 N Main St in the 4th Quarter of 2022. Construction is currently underway at 650 N Main St for retail space and luxury downtown apartments. The project is adjacent to the iconic Dog House Restaurant and will have 1 & 2 bedroom apartments, each with private patios and on-site parking.
Peters Development is already starting a waiting list for the apartments, which will be ready for occupancy in late December of this year. The company also has purchased land at 621 N Main Street to build its fifth development on this block: a ground-up single tenant restaurant with rooftop seating.
Peters Development is a wholly-owned subsidiary of Peters Holdings, LLC which was founded by Dr. Lenny Peters and is operated by both Dr. Peters, CEO and also Elise Peters Carey, who serves as President of both entities. Peters Holdings is the parent company of multiple subsidiaries operating within the healthcare, lab services, financial services and commercial real estate industries. Daily operations of Peters Development are headed by Dan Hill, Vice President and Director of Real Estate.