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The Morganton Trading Company has been ten years in the making. Begun in 1995 with the establishment of the Redevelopment Commission by the City of Morganton, the project took a number of turns before finally reaching completion.
Renovation and reuse of the Premiere Mill was originally proposed and championed in 1999 by Ron Morgan, an architect from Charlotte. Partnered with Henry Holseberg, a South Carolina contractor, they began in earnest. Unforeseen problems with the complexity of historic renovation as well as the sale of historic tax credits necessary for the funding of this size project nearly proved insurmountable. Over the next few years the project had a number of false starts and was beginning to appear impossible.
Working with the City Staff
Early in 2005 Sunchase American, a property management company from Greensboro was introduced to the project and developed an interest. Ha ving been very successful in traditional multifamily properties Robert Canham, President of Sunchase American, saw this as an opportunity to expand his company's scope. He assembled a talented group of individuals that have proven themselves quite capable of making a success of this project.
Vice President, Paul Roethlinger, assumed the daily oversight of nearly every aspect of the project, from budgeting to financing to material choices. He made dozens of trips to Morganton as well as to Raleigh and Washington keeping up with all the historic legalities and requirements.
Jim Barber of Barber Construction in Greensboro took up residence in Morganton by living on premises during the entire period of the renovation. Construction remained on schedule due to Jim's project oversight and years of valuable experience.
Matt Takacs, a young architect with J. Hyatt Hammond of Greensboro, came to the project with enthusiasm. His fresh approach made for a wonderful design and added interesting variations to the floorplans.
Donna McGlamery of Classic Interiors brought her sense of style and design to the project by creating interiors that blends new with old. The model apartments she designed have proven invaluable.
Barry Stock of Stock Properties, a former member of the Redevelopment Commission was brought in to handle the marketing, management and leasing of the property. Barry's professionalism has provided the highest quality of apartment living to the Foothill area.
It should further be noted that this team effort would not have been possible without the immeasurable efforts and assistance of the City leaders and staff. As a result of the quality of the renovation, City Hall was relocated to the South wing of the complex adding credibility to the project.
Sunchase partnered with Community Affordable Housing Equity Corporation (CAHEC) of Raleigh, NC for the sale of the Historic and Mill Tax Credits. Financing was provided through SunTrust Bank in High Point, NC.
In early 2007, the forty-three residential units were ready for occupancy and marketing began in earnest. Following closely was the completion of the nearly eighteen thousand square feet of commercial space. Shortly this space will be filled with professional, service, and retail users enhancing the dynamic new life being breathed into this wonderful old building.
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