{"id":1004079782,"date":"2013-07-05T14:40:01","date_gmt":"2013-07-05T22:40:01","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=145052"},"modified":"2020-04-01T03:53:54","modified_gmt":"2020-04-01T11:53:54","slug":"21c-museum-hotels-to-convert-suntrust-building-to-hotel-for-48m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/21c-museum-hotels-to-convert-suntrust-building-to-hotel-for-48m\/","title":{"rendered":"21c Museum Hotels to Convert SunTrust Building to Hotel for $48M"},"content":{"rendered":"<p><!--[if gte mso 9]&gt;--><\/p>\n<p><!--[if gte mso 9]&gt;--><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/Suntrust-building-in-Downtown-Durham.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-145054\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/Suntrust-building-in-Downtown-Durham.jpg\" alt=\"\" width=\"232\" height=\"300\" \/><\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">21c Museum Hotels of Louisville, Ky. is reconverting the former SunTrust Building in downtown Durham into a hotel, restaurant and art museum.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to the <em><a href=\"https:\/\/www.bizjournals.com\/triangle\/news\/2013\/06\/28\/construction-starts-on-21c-museum.html\" target=\"_blank\" rel=\"nofollow\">Triangle Business Journal<\/a><\/em>, the redevelopment of the historic 17-story office tower on Corcoran Street entails an investment of $48 million. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Through the partial use of a $9 million loan from the Self-Help Credit Union, 21c Museum Hotels has funded the $5.25 million acquisition of the property. The renovation project is also benefiting from $5.7 million in incentives from the Durham City Council and $2 million from the Durham County Board of Commissioners.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Originally known as the Hill Building, the tower dates back to 1937. Its historical designation derives from the name of state senator and philanthropist John Sprunt Hill, who hired Shreve, Lamb and Harmon, the architects of the Empire State Building in New York, to design the headquarters for his Home Savings and Trust Co. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Upon completion in 2015, the new hotel will feature 125 guestrooms. Stephanie Greene, a spokeswoman for 21c Museum Hotels, told the newspaper that the project is expected to create 200 construction jobs and 150 permanent jobs.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Launched in 2006 by philanthropists and art collectors Laura Lee Brown and Steve Wilson, 21c Museum Hotels is a boutique hotel chain that seeks to integrate contemporary art into everyday life. The company\u2019s other properties are located in Louisville, Ky., Cincinnati and Bentonville, Ark.<\/span><\/p>\n<p><em><span lang=\"EN-US\">Photo credits:<\/span> army.arch via Flickr <\/em><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\"><br \/>\n<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>21c Museum Hotels of Louisville, Kentucky is reconverting the former SunTrust Building in downtown Durham into a hotel, restaurant and art museum.<\/p>\n","protected":false},"author":260,"featured_media":1004506098,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[1815],"class_list":["post-1004079782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-raleigh-durham","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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