HIGH POINT — A High Point developer who has been active acquiring downtown property of late has completed another purchase that includes the city’s oldest continually operating restaurant as a tenant.
Peters Development on Friday bought 662 N. Main St., a multi-tenant building that’s been home to the Dog House since 1942.
The purchase, along with five vacant adjacent properties it acquired last month, gives the company half of a city block at the corner of N. Main Street and Westwood Avenue for future development.
While the buildings next to the Dog House will be demolished in the coming weeks to make way for a mixed-use development, the restaurant and the other tenants at 662 N. Main St. will remain in place, according to Dan Hill, vice president and director of real estate for Peters Development.
“We want it to be made clear that we understand the history and significance of the Dog House,” Hill said. “I am not at liberty to share lease specifics, but they have a substantial amount of time remaining on their lease. There are no plans to demolish the Dog House, and we plan to work with them when it comes to planning for the future.”
Dog House owner Jean Freedle said she expected the building to be sold at some point but hopes the restaurant, famous for its hot dogs and other short-order staples, can stay.
“I have heard that … (Peters) was going to leave the Dog House as is, and I’m hoping that’s true,” she said. “I know he’s trying to improve Main Street — the look and the participation of locals down on Main Street.”
Peters Development bought the 7,000-square-foot building from Man Wah Inc. for $850,000. It’s fully leased, with the Dog House on the lower level and an office user on floors one and two.
Details are not final, but at this point the plan is to redevelop at least part of the half-block with a project that would include retail space along N. Main Street and a high-end residential component on the upper floors, Hill said.
Construction is expected to begin in summer 2021, with the first units available in 2022, he added.
“We are currently in the demolition-and-design stage on the mixed-use project, and the addition of the 662 N. Main property to our assemblage will allow us to increase the size and scope of what we can bring to this corner,” Hill said. “The project will be designed to take advantage of its location in the heart of everything High Point has to offer. The proximity to the new downtown ballpark district, the furniture market, and High Point University positions this property steps away from what makes High Point such a great place to live.”
The property is directly across from a retail and office project that Peters Development is planning at 665 N. Main St.
“We plan to dramatically change the look and landscape of this block on Main Street with a much more modern design,” said Dr. Lenny Peters, CEO of Peters Development. “It is our goal for downtown High Point to become a year-round destination with the right mix of retail, entertainment and living options.”
The company’s other nearby projects include its newly constructed corporate headquarters at 645 N. Main St. Design is also under way on a three-story, 24,000-square-foot building with retail space on the street level and office space above at 665 N. Main St., and a restaurant with rooftop seating at 621 N. Main St.
One block north, the company recently acquired the shopping center known previously as Main Street Square and is currently in the process of improving it and rebranding it as Peters Plaza II.
It also purchased several properties near Truist Point stadium, including 208 N. Elm St., which is currently a 21,000-square-foot showroom for Randall Tysinger Antiques, and an adjacent parking lot at 214 W. English Road, for future large-scale development.
And it’s bought multiple medical office buildings near the stadium, including 206 and 218 Gatewood Ave. and 400 N. Elm St.
Freedle, who’s owned the Dog House since 1975, said the coronavirus pandemic has posed a major challenge for the restaurant, but she wants to keep the business going.
“We want to be there for the people right now. We’re slowly gaining back momentum,” she said. “I’ve seen other businesses that try to move, but it hasn’t felt the same, looked the same, tasted the same. I would say, if we have to leave that space, it wouldn’t be happening.”
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