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Gastonia Leaders to Vote on Deal to Sell, Redevelop Historic Bank Building

November 21, 2017

Gastonia leaders on Tuesday will consider offering a six-figure grant as part of a deal to sell and redevelop a historic downtown bank. The partners plan to convert the four levels of the historic bank into a downtown destination that could reap rewards for the city. It involves creating new retail space for some type of ground-floor common market, upstairs studios for working artists, and a Thermador cooking school for average Joes who want to better learn their way around a standard kitchen. The city’s calculations estimate that grant will end up being approximately $270,855. The city would only make the grant payments on a quarterly basis, as CNB 1920 meets specified benchmarks for investing the additional $1.8 million into the property. For example, the developers would have to have invested $500,000 by the end of year one, and $750,000 by the end of year two. “That protects the city’s financial interest,” said Assistant City Manager Flip Bombardier.

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