Christman Announces New Greensboro Regional Office

Redevelopment Plans for Greensboro’s Historic Cascade Saloon Announced

Christman Capital Development Company (Christman) has announced the signing of a statement of intent between Christman, Preservation Greensboro Development Fund, Inc. (Preservation Greensboro) and Rentenbach Constructors Incorporated (Rentenbach) to move forward with Christman's acquisition and redevelopment of the historic Cascade Saloon in downtown Greensboro, NC. The building, which is located in Greensboro's S. Elm Street Historic District on the National Register of Historic Places, is planned for use as the regional offices of Rentenbach, a North Carolina and Tennessee-based construction management and contracting firm which merged in 2013 with Christman's own 120 year-old nationally-ranked construction services firm. The agreement paves the way for Christman to continue its investment in due diligence work on the project.

"As the song goes ‘what's old is new again,' and we are incredibly excited at the prospect of breathing new life into this structure which has played such a storied role in Greensboro history," said Steve Roznowski, Christman CEO. "The enthusiastic, can-do attitude of the local business community-Downtown Greensboro and Preservation Greensboro in particular-has made our initial explorations into the feasibility of the project particularly smooth. You can sense the excitement shared by all as we embark on this collaborative journey to reimagine a nineteenth-century watering hole as a modern, functional office space while respecting and retaining its considerable historic character."

The project to redevelop and rehabilitate a functionally obsolete building once labeled "unsalvageable" by some will be achieved through a public/private partnership which includes Christman, Preservation Greensboro, and Rentenbach as well as the City of Greensboro and the North Carolina State Historic Preservation Office. While the team is applying for all applicable historic and other tax credits, the majority of the estimated $3 million project will be borne by Christman.

"We are lucky to have found such great partners to take on this challenging project," said Marsh Prause, chair of Preservation Greensboro's board of trustees, attorney and author of several articles on the Cascade Saloon. "Combining a national reputation for historic preservation and adaptive reuse, plus a local reputation as a quality builder in Greensboro for 40 years, Christman and Rentenbach are the ideal developer, general contractor and tenant team for this property. There could be no better use for this building. Once Christman and Rentenbach finish applying their talents to the Saloon, it will reclaim its position among Greensboro's most memorable, distinctive landmark buildings, enhancing the historic fabric of one of our downtown's more prominent public spaces."

The next steps for the project include completion of due diligence to determine if the project is viable enough to move forward, followed by finalization of development plans, and development of design and construction plans over the next several months, with an anticipated construction start in late 2015 and anticipated completion in 2016.

The Christman Company, founded in 1894, has grown to become one of the country's leading professional construction services firms, and is ranked at #111 on the Engineering News-Record ENR 400 list of top contractors nationally. In conjunction with its affiliates Christman Capital Development Company, Rentenbach Constructors Incorporated, Christman Constructors, Inc. and Christman Mid-Atlantic Constructors, the company's award-winning services include construction management, general contracting, design/build, real estate development, facilities analysis and planning, and self-performed skilled trades. The company is currently managing nearly two billion dollars of projects in several key market sectors, including historic preservation and adaptive reuse, healthcare, educational (university and K-12), office, science and technology, power generation, and industrial. The company has offices throughout the Midwest, southeast US, and mid-Atlantic. For more information, visit www.christmanco.com.

Preservation Greensboro leverages a team of volunteer professionals and a revolving capital fund to acquire ownership interests in real property and craft preservation-friendly solutions for Greensboro's most pressing dilemmas involving historic structures. One example beyond Cascade Saloon is the project underway at 919 Spring Garden Street in the College Hill Neighborhood to save the c. 1906 Angle House. Preservation Greensboro Development Fund, Inc. is an affiliate of Preservation Greensboro Incorporated (PGI) - the only citywide non-profit organization dedicated to historic preservation. Since 1966, it has encouraged the conservation of Greensboro's architectural history by preserving sites and has served as an advocate for historic preservation across Guilford County. Today, PGI is a dynamic and resourceful organization that contributes a key role in the growth of Greensboro's economy. With such diverse initiatives as Architectural Salvage of Greensboro, the Blandwood Museum, the Preservation Greensboro Development Fund, informative meetings, seminars, and special events, PGI is a constant voice within the community towards revitalization, improved quality of life, and conservation of historic resources for future generations. For more information, visit www.blandwood.org.


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