650 N Main Street
Peters Development, LLC announces New Acquisition 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 final remaining piece of its property assemblage at N. Main Street and N. Wrenn Street in High Point, NC with the purchase of 662. N Main Street. This recent purchase, along with the five adjacent properties acquired last month, gives the company half of a city block directly in the center of downtown for future development and improvement. The properties that make up the complete assemblage are: 650, 658, 660 and 662 N. Main Street as well as 435 and 441 N. Wrenn Street. All six of these properties are located in a Qualified Opportunity Zone.
662 N. Main Street is a +/-7,000 sf multi-tenant building that is home to an office user on floors one and two, as well as the famous Dog House Restaurant on the lower level. The building is currently fully leased and all existing tenants will remain in place after the sale. The buildings next door to the Dog House Restaurant will be demolished in the coming weeks to make way for new, ground-up development. Plans for this project are still being made and will include retail space along Main Street and a high-end residential component on the upper floors. Construction is expected to begin in Summer 2021 with the first units available in 2022. This property assemblage is located at the corner of Westwood Ave and N. Main Street directly across from Peters Development’s recently announced 665 N Main retail and office project.
“With this second ground up project, we will be bringing one of the first new multi-family developments to our downtown and we are excited to continue to improve High Point’s Main Street corridor,” said Dr. Lenny Peters, CEO of Peters Development. “We plan to dramatically change the look and landscape of this block on Main Street with a much more modern design. It is our goal for downtown High Point to become a year-round destination with the right mix of retail, entertainment and living options.”
“Peters Development is the early phases of construction on this new development” according to Dan Hill, Director of Real Estate. “We are currently in the demolition and design stage on the mixed-use project” says Hill, “and the addition of the 662 N Main property to our assemblage will allow us to increase the size and scope of what we can bring to this corner. The project will be designed to take advantage of its location in the heart of everything High Point has to offer. The proximity to the new downtown ballpark district, the Furniture Market, and High Point University positions this property steps away from what makes High Point such a great place to live.”
Peters Development recently purchased a number of downtown properties surrounding the new multi-use stadium including 208 N Elm Street, currently a 21,000 sf furniture showroom, 214 W. English Rd, a future large-scale development lot, 206 and 218 Gatewood Ave, as well as 400 N Elm Street. “The purchase of this assemblage along N. Main St and N. Wrenn St allows us to expand the stadium area developments out a little further and continue our development of a once fallow area of the Main Street corridor” says Elise Peters Carey, President of Peters Development. “We now have four active development lots on this block and we believe once they are all completed, these new developments will dramatically change this portion of downtown, bringing more businesses and residents to downtown.”
The company has multiple other development projects ongoing in downtown High Point. “We have completed construction on 645 N. Main St in High Point, which will serve as headquarters for all of our related companies,” according to Dan Hill. “Our 645 N. Main St property is a 4-story, state-of-the-art office building with a retractable roof, which we are told is the only roof of its kind in North Carolina. Most importantly, we will be bringing up to 40 jobs to Main Street and that is something that makes all of us in our organization very proud” says Dr. Lenny Peters.
Design is also underway for two more projects along the 600 block of N. Main St, including a ground-up, Class A office and retail building at 665 N Main Street, which is adjacent to Peters’ new corporate headquarters. 665 N Main Street will be a 24,000sf building that will be three stories tall and will house retail space on the street level with office space above. The company also has purchased land at 621 N Main Street to build a ground-up restaurant with rooftop seating. Recently, Peters Development completed the acquisition of the shopping center known previously as Main Street Square and is currently in the process of making substantial improvements to the shopping center. The center will be rebranded Peters Plaza II and will undergo a complete makeover including new paint, landscaping and signage.
Bethany Medical has also commenced a redevelopment and expansion of its location at 507 N. Lindsay Street, High Point with improvements being made inside and outside of the building. The Lindsay Street Bethany location is growing and will add space for four additional medical providers. The Bethany Medical practice will continue uninterrupted during these improvements, with all construction taking place during nights and weekends without any disruption to patients. Peters Development will also announce additional High Point downtown developments in the coming weeks.
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.