Winston-Salem YWCA Building Might Be Converted Into Apartments

According to an article in the Triad Business Journal the old YWCA building in Winston-Salem might be converted into seven apartments:

If built, the residential project by Winston-Salem based developer Bill Benton would become a new construction development in a neighborhood known for its historic homes and proximity to downtown amenities.

Benton, of Benton Investment Co. and son of former Winston-Salem mayor M.C. Benton, said the project involves converting the former YWCA facility on Glade Street into seven apartments ranging in size from roughly 1,000 square feet to 2,670 square feet. Monthly rents likely will range from $1,250 to $2,500.

The units were originally planned as condominiums, but Benton switched to rental because he believes apartments will be easier to finance in today’s lending environment. Even so, those rents are significantly higher than the average monthly rent of $669 as of March in the Forsyth central submarket that includes downtown, according to Charlotte-based Real Data.

Benton’s project also includes 19 single-family homes with starting prices just north of $500,000.