Heart of Albemarle Hotel sold to developer Concord – The Stanly News & Press
The Heart of Albemarle Hotel was sold earlier this month to a Concord-based development company, which plans to create apartments.
After about a decade of ownership, Chuck Nance sold the property for $ 1.75 million on Oct. 15 to Albemarle Real Estate Development, according to real estate agent Bryan Maples, who represented both buyer and seller.
The plan is for the company to create 103 apartment units of 360 square feet as well as 4,500 square feet of retail space. The company seeks to appeal to the many students of Pfeiffer University who wish to settle in the city center in order to be close to the building of the Health Sciences Center.
âWe wanted to help Pfeiffer as much as possible by making the units available,â Maples said.
Construction and renovation of the property, which is expected to cost around $ 2 million, will begin in about three weeks, Maples said, and is expected to be completed by next spring.
âIt’s mostly a big cleaning job. There’s actually not a ton of construction, âMaples said. âThis is mainly a renovation of the property.
It is also possible, Maples said, that Albemarle Real Estate could lease the commercial space as well as some of the residential units to Paul Peters, founder and executive director of the non-profit group Nehemiah Project Covenant of Love.
Maples said the name of the new apartment complex is expected to be decided next week.
Albemarle Real Estate also purchased the old Lowder building at 120 King Ave. He plans to convert the property into around 16 apartments, Maples said.
The Heart of Albemarle had for several years been the center of a legal standoff between Nance, who had bought it in 2012 with his wife Jennifer, and the city.
Albemarle police visited the property 79 times from 2014 to 2017 “in response to complaints of criminal activity, including assaults, drug sales and solicitation of prostitution,” according to court documents.
In March 2017, the Nances received a notification from the city that their property was being used illegally.
Chuck Nance evicted all tenants and closed his business to resolve the situation 28 days after the notice was given.
In early August 2017, four months after the hotel closed, the city’s outside legal counsel filed a complaint against the Nances, alleging their property was a public nuisance.
In May 2018, the Stanly County Superior Court ruled in favor of the Nances, saying the city had not followed the proper paths in allowing the police department to move forward with the trial. According to a law cited by the court, a city can file a nuisance complaint against a member of the community, but only after a resolution on the matter has been approved by city council.
The three-judge panel of the North Carolina Court of Appeals later upheld the lower court’s decision. The case was appealed and ultimately went to the North Carolina Supreme Court last spring, where it was dismissed.