RIVER ARTS DISTRICT OPPORTUNITY
LAND FOR SALE 144 & 159 RIVERSIDE DRIVE, ASHEVILLE, NC 28801
Presented By DEWEY PROPERTY ADVISORS TIM BRAMLEY EDDIE DEWEY 1 Page Avenue Asheville, NC 28801 828.548.0090 x103 828.548.0090 x102 828.548.0090 [email protected] [email protected] deweypa.com RIVER ARTS DISTRICT OPPORTUNITY 144 & 159 RIVERSIDE DRIVE, ASHEVILLE, NC 28801
EXECUTIVE SUMMARY
OFFERING SUMMARY PROPERTY OVERVIEW Sale Price: $3,500,000 Prime development land in the heart of Asheville's River Arts District. Property is located in a qualified Opportunity Zone. Site is well positioned for development situated on gentle slope. Lots have 500 feet of frontage on Riverside Lot Size: 3.72 Acres Drive and 450 feet of frontage along the French Broad River. Price / Acre: $940,860 Nestled in the scenic mountains of western North Carolina, the charm of Asheville's River Arts District (RAD) is no Zoning: RAD-RIV secret. It is one of the largest and most diverse arts districts in the nation. RAD is a hub for eclectic arts, culture, food/ Market: Asheville beverage and entertainment with close proximity to downtown Asheville. Submarket: River Arts District Traffic Count: 10,000
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COMPLETE HIGHLIGHTS
LOCATION INFORMATION Building Name River Arts District Opportunity Street Address 144 & 159 Riverside Drive City, State, Zip Asheville, NC 28801 County Buncombe Market Asheville Sub-market River Arts District Signal Intersection No
BUILDING INFORMATION Number of Lots 2 Best Use Multi-Family; Office/Retail Free Standing No
PROPERTY HIGHLIGHTS • Brownfields Agreement in place
• Opportunity Zone
• Prime RAD Location
• 500 feet of Riverside Drive frontage
• 450 feet of French Broad River frontage
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ADDITIONAL PHOTOS
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AERIAL
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LOCATION MAP
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HISTORY
HISTORY Located in the River Arts District, one of seven districts highlighted for revitalization in the Wilma Dykeman Riverway Plan, the historic cotton mill and surrounding neighborhood have a rich history. Built in the 1980's, the cotton mill was a gorgeous building of 122,000 square feet, with arched brick windows and pine wood floors. The mill manufactured uniforms for soldiers during the First and Second World Wars and was one of the first places to make denim.
Up until the mill ceased operations in the 1950s, the area surrounding the site was a Cotton Mill Pre-Highway traditional mill village, which included a mill store and neighborhood housing for the workers.
When the mill closed the building was used for storage and warehousing over time. Unfortunately, a week-long fire caused but arsonists in the spring of 1995 reduced this historic building to two burnt structures.
TODAY The mill's remains still site prominently within the district, visible from above to the thousands of motorists who enter the city each day from the Interstate 240 Bridge. The cotton mill property covers less a little over 3 acres, but community leaders deem the site to be one of the most important parcels in the entire riverfront revitalization effort. Cotton Mill Today the River Arts District in Asheville consists of a vast array of artist, working studios, culinary experiences and breweries set in an urban scene of old factories and historical buildings. Everywhere you turn, art abounds - with something around every corner. Visitors are encouraged to walk the greenway. Getting around in the RAD is a breeze. The area is easily accessible by car from Downtown Asheville, West Asheville, Biltmore Village - parking is free and a trolly is offered!
The RAD is undergoing many improvement envisioned by community leaders, artists, residents, and business partners to create a vibrant, long term urban plan recognizing the French Broad River as one of Asheville's greatest treasures.
Revitalization
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NOTABLE NEIGHBORS
Cotton Mill Studios - A collection of residents, artists, makers, musicians and creatives Wedge Studios - A workspace for 30+ artists, a brewery, hair salon, restaurant and wine bar
Foundation Studios - Community art center with artists, restaurants, a wine bar and brewery RAMP Studios - A hub of artists, innovators, designers and fabricators
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RIVER ARTS DISTRICT MAP
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MARKET OVERVIEW
ASHEVILLE, NC TOURISM
Nestled between the Great Smokey Mountains and the Blue Ridge • Driven in part by the renowned Biltmore Estate and the Estate's more Mountain Range, Asheville is the largest city in Western North than 1.4 million annual visitors, tourism is a vital component to the Carolina. overall Asheville economy. • As the the 3rd largest employer in Asheville, tourism alone is bigger than the construction, insurance, real estate and manufacturing 42.5 industries combined. Asheville covers 42.5 square miles of Western North Carolina
• Asheville regularly appears in national lists characterizing it as one of the top cities for art, business, outdoor recreation, retirement, manufacturing, and quality of life. • Forbes magazine lists Asheville as one of the Top-Ten Best Places for “Business and Careers” and it’s known as one of the top Arts Destinations in America by American Style magazine. • Charlotte, NC is an hour and a half away and Atlanta, GA is a little over three hours from Asheville. • New Belgium : Prior to the opening of the Asheville location in Spring • Interstates 40, 26 and 240 connect this region to other thriving of 2016, all of New Belgium’s beer was brewed in its primary brewery, economic engines. located in Fort Collins Colorado. • Asheville Regional Airport is the largest airport in western North • Sierra Nevada boasts a 230,000-square-foot complex sitting on 90 Carolina and offers direct flights to many major cities. acres of land right outside of Asheville, complete with a massive • Total development investment coming to the Asheville area over the brewhouse, taproom, restaurant, gift shop, amphitheater-style music next 5 years is an estimated $1 billion venue, and hiking trails cut through the forested property. The entire complex cost nearly $110 million and serves as home base for over 300 employees.
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MARKET OVERVIEW
HEALTHCARE SCIENCE & TECHNOLOGY
• As the largest industry in the four-county, Asheville’s HCA Healthcare, • AvL Technologies is a high-tech manufacturer of mobile satellite Health Services makes up approximately 20% of employment. telecommunications antennas. The group holds the largest collection • With organizations such as Mission Hospital Asheville NC, Park Ridge of satellite antennas in the world for vehicle mount and flyaway Health, and Margaret R. Pardee Memorial Hospital, the region’s applications. In 2015, the group announced a $7.6 million expansion. dynamic health providers offer advanced, compassionate patient care.
20% Health Services make up 20% of employment 90 • CarePartners Health Services, and the Charles George Veterans Technology jobs will be created with the AvL Affairs Medical Center provides progressive services furthering the Technologies expansion. region’s outstanding capacity to provide quality, compassionate and advanced healthcare. • Avadim Technologies (based In Asheville) announced an expansion in Sept 2016 that will add 551 jobs while investing $25.4 million in capital MANUFACTURING 11% over the next five years Manufacturing makes up • In addition, American Recycling, one of the largest independently While GE and Linamar have • 20% of employment owned collectors, processors, and marketers of recovered paper in some the largest manufacturing the Carolinas, announced its entry into the Asheville market. presence in the Asheville area, there are 300+ other local companies that are engaged in the manufacturing industry.
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WNC'S CULTURAL HUB
West Asheville - people have flocked to this funky The Orange Peel - one of many popular music venues. Beer City USA - WNC is home to over 47 breweries. neighborhood known for its originality. Asheville is home to many innovative musicians.
One look at Asheville's wide range of festivals, and it’s easy to see why any time of the year is a good time for music in Asheville. Asheville is a culinary explosion and home to many James Beard Award winning chefs.
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DEMOGRAPHICS MAP & REPORT
POPULATION 1 MILE 3 MILES 5 MILES Total Population 7,317 47,830 91,123 Average age 36.7 36.6 38.0 Average age (Male) 37.9 35.8 36.2 Average age (Female) 35.9 37.3 39.5
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 3,260 21,148 40,277 # of persons per HH 2.2 2.3 2.3 Average HH income $41,160 $49,212 $53,600 Average house value $233,233 $247,438 $274,098 TRAFFIC COUNTS
Craven Street 10,000/day Interstate 240 100,000/day
* Demographic data derived from 2010 US Census
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