D&D Owners Receive NC Main Street Award of Merit

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]Built around 1885, the Goldsboro Drug Company Building occupies a prominent corner site overlooking the heart of downtown. The property was purchased by brothers Jim & Jeff Daniels in late 2014 after it had been vacant for approximately six years. The owners enlisted Maurer Architecture to help them in a sensitive restoration of the historic landmark for a new use utilizing the historic preservation tax credits and a facade grant from the City of Goldsboro. The restoration work included a full façade restoration that meets the Secretary’s Standards for the Treatment of Historic Properties, and the project has been awarded Historic Preservation Tax Credits.

The missing cornice at the front entry was reconstructed and the front and side storefronts were removed and rebuilt. Parts of the original tile floors were restored, with new flooring to match the existing installed as necessary. The mezzanine, formerly used as drugstore storage, has been re-purposed as a tenant storage area, and the second floor apartments now boast large bright windows which have been reinstalled as originally designed.

The creation of upper level residential units in what was a vacant storage space creates needed density and an income-producing property that sustains the local economy.

This project took a historic landmark building that had been vacant and was visibly declining in appearance and condition, that is situated in a very prominent downtown area, and brought it back to life. The project exemplifies what the historic preservation tax credits can do to help offset the financial risk of undertaking a historic rehabilitation project and it serves as an example of true historic preservation. For this, it will be a tool we will utilize to educate others on the process and purpose of historic preservation. It also filled a need to have more commercial lease space available, something we are in dire need of to meed the demands of businesses interested in locating downtown and created two new residential units; a long standing goal of ours to create more residential density. The project was accomplished by two new investors in downtown, yet both are longstanding Goldsboro residents and business owners. This helped create a message that downtown was the place to invest in now and has resulted in others following their path.

This project resulted in $60,000 worth of historic rehabilitation investments to the exterior facades of the building and a total construction investment of $528,638 on top of a $125,000 acquisition cost. In NC, for every $1M spent on historic preservation, 41 jobs are created or retained due to the labor intensity and specialization of this type of work, thus this project helped create or retain 22 jobs. In addition, for every $1M invested in a historic preservation project, $801,000 is returned to the local economy through household income, thus this project contributed $422,928 to greater Goldsboro. Also, the renovated first floor space had created an opportunity for a neighboring business, Ed’s Southern Food & Spirits to expand, which occurred immediately upon the completion of construction in early December 2015. Unfortunately, as of September 2017, Ed’s has closed and the space is now a separate space available for lease. More than four potential business owners are in negotiation with the Daniels at this time. The two residential units upstairs are both one bedroom units. For every person living in a North Carolina downtown, $9,000 is added to the downtown business revenues through sales, thus this project contributes an estimated $18,000 to business sales each year.

Since these two local renowned business leaders purchased and renovated this property, three more established Goldsboro business owners have purchased properties in the same block and have similar intentions.

Project Video provided by NC Main Street

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