Southern Hotel in Elizabeth City Sold to Norfolk Firm
13.01.2006, 12:06
The Southern Hotel was sold to a Norfolk-based company Thursday, according to paperwork filed with the Pasquotank County Register of Deeds.
The Southern Hotel of Elizabeth City LLC purchased the 19th-century landmark on Main Street for $750,000 -- $425,000 more than it sold for in 2004.
Eric H. Menden said he and his partners are open to ideas for redeveloping the property but are planning to keep the first-floor retail spaces and find a new use for the upper floors, possibly offices or condominiums.
"We're doing some research right now," he said , "but we'll spend some money to fix it up."
The developers, collectively known as Norfolk Property Development , have purchased other historic buildings in Norfolk for renovation, including the Wainwright Building on Bute Street and a Granby Street building that houses the Clarion Hotel James Madison.
Menden said the developers are researching additional opportunities in Elizabeth City because the area has a lot of potential.
The developers bought the building from the Southern Hotel LLC, which purchased the building in 2004 for $325,000.
Included in that LLC were Elizabeth City Councilman Tony Stimatz and his wife, Sallie, who have made some renovations, including adding purple and gold awnings, repainting the lobby, expanding Diana's Road Street Cafe and adding SoHo Organic Market and some Pasquotank County office space.
The building was placed on the market last summer for $950,000.
The last major remodeling work had been done in 1930, according to the Elizabeth City Historic District Web site, and the property has been a hotel since 1829.