Peters Development LLC has purchased five adjacent parcels of land along North Main Street and North Wrenn Ave on which it intends to build a new residential and retail project. The project will be developed at 435 and 441 N. Wrenn and 650, 658, and 660 N. Main.
In a press statement, Peters Development said all structures that are on the location will be brought down to pave way for the new development. The company further went on to say that plans for the new project are at an advanced stage and the project will include a modern-style residential component on the upper floors. The lower floors will mainly comprise of retail space.
In a side comment, Peters Development CEO Dr. Lenny Peters said they have are happy to have assembled the properties together which will enable them to transform the landscape with one of the first new multi-family developments in downtown High Point. He added that the company will follow the latest building trend which involves a shift from rows of long-vacant or rundown buildings to embracing entertainment, retail, and living areas with modern contemporary elements and glass.
The company recently acquired several properties around Truist Point baseball stadium among them a 21,000 SF furniture showroom and a future large-scale development lot. Peters also teamed up with Elliott Sidewalk Communities in 275 N. Elm which is expected to be launched next year.
According to Peters Development’s director of real estate Dan Hill, the project is currently in the design stage. The company recently completed construction on 645 N. Main St that will be used as headquarters for its sister companies. In addition, Peters’ other two projects are currently in the design stage and will be developed along the 600 block of N. Main. This project will comprise of a 24,000-square-foot retail building at 665 N. Main.