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Asheville’s Flatiron Building sells for $15 million; Next? Renovation, conversion to boutique hotel
Wednesday, 02 October 2019 22:16

From Staff Reports

Downtown Asheville’s historic Flatiron Building was sold Aug 27 for about $15 million to a development group, the Asheville Citizen Times reported Sept. 9.

The 20 Battery Park Ave. property was acquired by Flatiron Preservation Group, LLC, a group headed by developer Philip Woollcott, the ACT added, citing a special warranty deed filed in Buncombe County. 

“It consolidates ownership of the building to a single entity ahead of a multimillion-dollar renovation effort to convert the Flatiron into a 71-room hotel with restaurant, street-level retail and commercial office space.

“The plan — drawing much scrutiny from neighbors and other community stakeholders — narrowly was approved in June in a contentious City Council vote,” the ACT stated.

A spokeswoman for Woollcott told the ACT that the new ownership structure will “ensure that the property can be restored to the highest standards and preserved for generations to come.” The building’s ownership previously was divided among majority owner Russell Thomas and Midtown Development Associates, as well as Marshall and Sylvia Kanner. 

The deal also includes a consolidation of a series of Midtown’s condominium owners, making up roughly one-third of the total sale price. 

“The new owner plans to finalize so-called tenant relocation packages, expected to be completed by the end of November,” the ACT noted.


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