On Wednesday afternoon Triad-based developer GEMCAP and Leonard Ryden Burr announced a new residential project that will bring economic development and new residents to downtown Winston-Salem. GEMCAP will serve as the developer and general contractor of Twin City Lofts, a 70,000 square foot luxury residential condominium development that will change the landscape along Fourth Street. Leonard Ryden Burr, led by agents Clare Fader and Jeff MacIntosh, have been named real estate agency of record. Twin City Lofts is the first new for sale residential development downtown since One Park Vista was completed in 2009.
“We think this will be wildly successful and from a location standpoint it is ideal.” said Macintosh on Wednesday. He added that the abilty to walk to amenities like restraraunts, the Steven’s Center will drive the demand once the project is completed. Macintosh cited the fact that most of the recent developement has been for the rental market. “There has been a pent up demand.”
Named for its historic location and home of the Twin City Club, Twin City Lofts will have an urban feel with open interiors, expansive windows, exposed ceilings and polished concrete floors. The units will go for an average asking price of $325,000 and will be 1,500 square feet with each unit sporting two bedrooms and two baths. This will give them some of the biggest per-unit footprints in downtown Winston-Salem. Residential units will occupy the third, fourth, fifth, and half of the sixth floors with 2,500 square feet of rooftop access for residents and their visitors. The 21 unit, comprehensive renovation is a $10 million project to be completed in the summer of 2016. The Twin City Lofts project is 100% privately funded.
GEMCAP started as a strategic merger between The Arden Group and GEMCAP Properties, and has grown into a full-service commercial real estate development and construction company. Leonard Ryden Burr is the Triad’s largest independent real estate firm receiving local and national recognition for excellence in relocation, marketing, and client services. With more than 80 agents, Leonard Ryden Burr has deep local insights and boasts the area’s top listings. The agency is known for its commitment to downtown development and has been instrumental in supporting neighborhoods and initiatives that add to the city’s viability and culture of arts and philanthropy. Clare Fader and Jeff MacIntosh have played a major role in the agency’s commitment to downtown development personally and professionally and both currently serve on the Board of the Downtown Winston-Salem Partnership.
You can learn more about this project HERE.