ROWAN COUNTY, N.C. (WBTV) - Incentives approved by Rowan County commissioners on Monday could give a needed boost to the Empire Hotel project in downtown Salisbury.
Black Point Investments plans to redevelop the hotel, located on S. Main Street, into residential and retail space. Black Point’s proposal will redevelop the 104,000-square-foot facility on a 1.39-acre site into 62 apartments and six small retail spaces.
According to the Rowan Economic Development Commission, the project is expected to increase the property tax value of the building from $1 million to $13 million after the renovations are complete.
As a certified landmark, the Empire property receives a 50% tax reduction. Commissioners approved a reduction of an additional 25%. The county would get $427,375 in revenue for the property during the five year incentive period. The county would keep revenue of $106,841 during that time.
“It’s a very challenging project," said Britt Weaver of Black Point Investments during a presentation to the Rowan Chamber in February. "It’s a project that can only get done, given how challenging it is, because of the enthusiasm and commitment of Salisbury and Rowan County.”