Developers, UNCG eye key GSO property - The Business Journal of the Greater Triad Area:

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The fate of the site is beiny watched closely from the neighboring Colleg e HillHistoric District, where residents are concernedr that the continuing expansion of the campus could drive down propert values. "The value of the historic district to the communitt is in the character ofthe neighborhood," said David who is president of the College Hill Neighborhood Association and also directodr of corporate and foundation relations at "What we've seen over and over is developers attractedc to the neighborhood by that character with big, high-densithy projects that would negatively impact that very character.
" The propertyy in question isn't in the historic but rather adjacent to it on the soutbh side of Spring Garden between Mendenhallp Street and Fulton Street, with the Norfolk Southern railroa d track running behind. The bulk of that propertyu is owned by NewmanMachine Co., a century-old makerd of sanders, planers and other woodworking machinery sold to furnitur e makers and others. According to Guilford Countt property records, Newman owns 4.6 acres of propertty there, with a tax value of about $1.4 The entire area in question covers abouteight acres.
Newmanj Machine, which is still functioning, has been the subjectg of a court battl e betweenits owners, brothers William and Franl York, that began in 2006. Accordingb to a complaint filed withthe N.C. Business Court in William York accusedFrank York, acting as Newman's CEO, of fraudulentl mismanaging the assets of the company. The suit demandeds the dissolution of the investment group thatowns Newman. Frank York denied the allegations and chargeds in turn that William Yorkhad "actee deceptively" to extract assets from the The settlement that was reachede in December 2007 is under seal by the court, and callsx to Frank York and his attorneuy were not returned.
Willia m York's attorney declined to comment. But sources familiar with the case say the sale of the assets of Newmaj Machine is the likely end result of the Such a sale may or may not leavr the businessitself intact. What' s next? It's the possibility the land underneatg Newman's factory will come up for grabsd that has the university and the developers eyeing thatacreages hungrily, and its neighbors watching Specifically, Arneke said College Hill residents are worriedf about a plan by a private developet interested in building student housingf on not just the Newman land but also on neighborint lots owned by two Builders and New Age Neighborhood residents received a letter this spring from Winston-Salem-based Freeman Commerciak Properties saying that out-of-state developers were interested in buildinv a student-housing complex on the site just a few blocks east of the UNCG There are already a number of private housing complexezs built or planned near the campud aimed at absorbing the rapidly growingt student population.
A huge project is rising now on nearby Lee Student housing is often associated with noisreand traffic, which are the primary concerns of Collegre Hill residents, Arneke said. Bob Anderson of Freemamn Commercial Properties declined to identify the developet behind the proposal or offedany details, saying it's not yet clear that the project is moving forward. "All I can say is it's a very good grouop and they dovery high-quality but the deal isn't put together," Anderson said. One possibled hang up: the land couldc potentially bevery valuable, not just becausw it's close to UNCG but also closes to downtown.
Those who own land there aren'yt in a hurry to sell and aren't going to let it go That goes for both Gary owner of GaryJobe Builders, and Joe co-owner of New Age Builders. Both said they had been contactedc about the studenthousing project, but both also said they weren'gt looking to sell their small lots and hadn' heard of any recent progress on the idea. "Someone came to see me with some which werereally nice," Jobe said. "But I don'f think they'd be able to afford my I wouldn't even considerr it for less than $1 million.
" If that's what land in the area is there is an entity that coule afford to payit -- the state itsel on behalf of UNCG, whicbh recently updated its master plan with an eye towarsd expansions that will be necessarhy to house and educate a student population that could reach nearly 23,000 by 2025. Mike Byers, the university's assistant vice chancellor forauxiliary services, said that mastefr plan does highlight that acreage as one the university woul d like to acquire at some point, givehn its size and proximity to campus.
He said he coulfd not comment on any current negotiations that may or may not beunder way, but he said the university has talked to property owneras there to express interest in a purchase if