Reynolds American has a short list of developers it’s considering for the redevelopment of its iconic former headquarters building:
A year after plans fell through to convert the iconic R.J. Reynolds building in downtown Winston-Salem into a high-end hotel, Reynolds American Inc. is close to selecting a partner to redevelop the building into a mixed-use project that could include a hotel, residential and retail space, according to a source close to the renovation discussions.
After an almost yearlong feasibility study, Greensboro hotel developer DennisQuaintance said in December 2012 that Quaintance-Weaver Restaurants and Hotels would not pursue development of the 22-story R.J. Reynolds building. Quaintance said at the time that the market was too soft to support the conversion.
But since then, Reynolds American (NYSE: RAI) has been in conversations with at least seven separate developers and has narrowed the list down to three potential development candidates, the source said. The mixed-use development project would likely include a hotel, apartments or condominiums and first-floor retail space. While Quaintance had been evaluating a $50 million overhaul of the facility, it is not yet known what the project might cost under one of the developers now evaluating the site.