Update 1/31/13 – Today’s Winston-Salem Journal has more details:
…U.S. Development plans to renovate the top two floors of City Plaza to create 45 apartments with monthly rents starting in the $700 to $800 range…
David Bryant, president of U.S. Development, said he expected the sale to be completed today, after which he would provide more details beyond the previously stated plans for apartments and a potential restaurant…
Coe said he wants to bring the Pepper Building “back to its glamour with apartments that people can afford and retail on the first floor. We’re still talking about what makes sense in terms of a restaurant.”
He said he would be willing to offer the restaurant space to local entrepreneurs as he did with the local owner-ship of Sweet Potatoes on Trade Street.
“We would like it to be an attraction and leave its mark on downtown like Sweet Potatoes and Chelsee’s has,” Coe said. “I don’t know how long it will take the renovations to complete, but I do know that weekend after next, the lights will be on and work will begin.”
BREAKING NEWS: Mike and Patricia Coe have just purchased the Pepper Building at Fourth and Liberty St in downtown W-S. Plans are for 45 apartments jointly developed by U.S. Development Corp on the top floors. A Cowboy Brazilian Steakhouse is planned for the street level. Stay tuned for more info.
According to the data at this website the Pepper Building is an art deco building that originally opened in 1928. It has seven floors and two basement levels. Here’s a description from the site:
Thomas Pepper purchased the Phoenix Hotel in 1926 and demolished it for his new office building, named the Pepper Building. This building was originally proposed as a 28 storey building named the Van Dyke Building. The basement was home to the Sir Winston Restaurant and the ground level was leased by Huntley Hill Stockton Furniture. The Pepper Building was the first Art Deco office building in North Carolina.