The City of Monroe is proud to announce that Piedmont Lofts has been recognized with the 2024 Main Street Award of Merit for Economic Vitality in the Best Adaptive Reuse Project category. This award, presented by the North Carolina Main Street Program, honors the transformation of the historic Piedmont Buggy Factory into a vibrant residential space, breathing new life into Downtown Monroe.
Originally built in 1911, the Piedmont Buggy Factory was once a commercial hub but had been abandoned since 1957. Thanks to a collaborative effort between Rehab Development, Level 2 Development, Dunn & Dalton Architects, and the City of Monroe, the historic structure was carefully restored and reimagined into 56 loft-style apartments, seamlessly blending modern amenities with the building’s historic charm.
This project not only preserved an important piece of Monroe’s history but also significantly boosted the local economy:
- Property tax revenue increased from just over $4,000 to nearly $39,000,000 annually
- Downtown businesses now benefit from $682,000 in annual revenue from new residents
- 500 construction jobs were created or retained during development
- Public parks saw major growth in usage, with a 40 percent increase in ballfield reservations
The Piedmont Lofts project is a shining example of how historic preservation and economic development go hand in hand. Monroe’s commitment to revitalization continues to strengthen the Downtown district, attract investment, and create a thriving community for residents and businesses alike.
Patrick Reilly, President of Rehab Development, and Jeff Wells, Monroe’s Assistant City Manager, received the award during the Main Street Conference held in Mooresville, NC from March 11 to 13.
Learn more about the award by visiting the NC Main Street & Rural Planning Center website.