HPTNWS-05-14-21 PETERS.jpg

Peters Development of High Point has purchased this former dental office building at 312 N. Elm St. and is working on plans to redevelop it to complement nearby projects, including Truist Point and 275 North Elm, which will house a food hall.

HIGH POINT — Peters Development has added another property to its inventory of future downtown development sites.

The High Point company Wednesday bought 312 N. Elm St., which consists of a 5,000-square-foot vacant building that used to be a dental office.

The purchase price was $1.05 million and the seller was the Dental Foundation of North Carolina.

The property is at the corner of Gatewood Avenue and N. Elm Street, directly across from Truist Point stadium and 275 North Elm, a mixed-use building under construction that will include a food hall.

Dan Hill, director of real estate for Peters Development, said the company is not ready to release its plans for this property, but it will redevelop the site “in full support of the surrounding stadium development, with an eye toward the future needs of the area.”

“Peters Development is in the design phase on this new development,” Hill said. “We are currently evaluating area needs and the highest and best use for the project, and we would suggest that any interested user contact us about the property.”

Peters Development has recently purchased several properties surrounding the stadium and now owns all but one tract at the Gatewood/Elm intersection — the parcel that consists of the Davis & Goldberg Orthodontics building at 315 N. Elm St., which the city bought in December for $2.3 million. The city and developer Elliott Sidewalk Communities plan to use this site and adjacent land for a new building that will include parking, retail and possibly residential or hotel uses.

In addition to its acquisitions, Peters Development has several projects in various stages of development in the downtown area, including at 665 N. Main St., an office and retail building under construction next to Peters Development’s new corporate headquarters.

Peters Development has also completed design on a restaurant to be at 621 N. Main St. and is designing a new building for 711 and 715 N. Main St.

In addition, the company plans to break ground in July on a mixed-use project at 662 N. Main St., which will be home to 30 high-end apartments and 7,000 square feet of retail space.

pkimbrough@hpenews.com | 336-888-3531