Forward High Point has announced that it has signed a contract to sell the former “Showplace West” building (you may also know it as the First Factors Building, GE Capital, Culp or First Citizens building). This building was donated to Forward High Point about 2-years ago by IMC. Over the past 2-years, we have completed multiple studies and analyst of the building and have been marketing it for redevelopment. Within the last few days we have signed contract with CMC Development of New York City. This is not a done deal yet, but this is the first step. White Elephant buildings (which this one really is) take significant time to put plans and financing together. But we think we have found a developer who is well versed in Public-Private-Partnerships and with using various potential tax credit and other funding sources, with a successful track record.
While we need to be patient, this is an exciting first step, to bring this locally significant building back into the life stream of downtown High Point.