The owners of a downtown Â鶹´«Ã½ building are looking to attract a restaurant on the ground floor.
The building at 117 E. Union St. is owned by Cottonwood Development Company, whose president is Polly Leadbetter and treasurer is Steve Leadbetter, according to county and state records. The development company is based on N.C. Highway 126 in Â鶹´«Ã½. Cottonwood Development bought the building in 2019, according to real estate records.
The rental listing said the building is a chance for an operator to secure “the premier restaurant space in Downtown Â鶹´«Ã½.†One of the most recent uses of the space was a real estate office.
The Real Estate Development (RED) Partners listing said the space can house either a single, expansive concept with a kitchen and dining area, or two distinct concepts in a divided space.
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Bobby Edwards, a commercial real estate broker at RED, is working to find a high-end restaurant for the space. He and the owners want something that will be an addition to downtown and will help continue growth in the area, Edwards said.
“I'm looking for something that's got some level of establishment, be it a hospitality group or somebody with some really proven and a great resume in that world,†Edwards said. “And if that hospitality ends up having a couple different concepts, then I think that'd be a great fit.â€
He said the owners are looking for something a little higher end, but they want to make sure that it's something that the market can support.
Edwards, who works in Charlotte but lives in Morganton, said he and the owners have had conversations and shared the space with some operators in different areas of the region. In addition to Asheville, Edwards said they have spoken to hospitality groups in the Charlotte market and are talking to people who operate in smaller towns like Belmont, Albemarle and Matthews.
Edwards said they are looking for the right fit for Â鶹´«Ã½ and the space.
“Our goal here is to do something that we're proud of and something that we're happy to drive by every day and, hopefully, go eat at every week,†Edwards said. “I feel like my position of working where I do, but also coming here to live, puts us in a position where I'm going to care for this probably a little bit more than somebody else just looking for a paycheck. You know, it's something that I want to take my wife and daughter to and be proud to say, ‘Hey, I helped us get here.’â€
Edwards said RED put rental signage up on the property in late October or early November. He expects more activity in the market in the first or second quarter of the year.
The listing said the owner plans to renovate the exterior of the building with new paint, lighting, windows, roll up doors and facade, and there is money available for the tenant to make improvements.
While the plan is to turn the ground floor into a restaurant, the landlord is converting the upstairs of the building into four two-bedroom apartments, the listing said.
The building was previously marketed as a food hall in 2020, according to a Facebook post from the Â鶹´«Ã½ Main Street Office.