The Transylvania Times -

By Kevin Fuller
Staff Writer 

New Aethelwold Owner Moving Project Ahead - Brevard NC

 

Last updated 9/30/2015 at 11:35am

Aethelwold Hotel

A portion of a historic downtown Brevard building is reopening with hopes of drawing dozens of people to live in the downtown area.

Developer Michael Domokur said he's received a certificate of occupancy for the Aethelwold building and can now officially sell condos and lease other space in the building.

"We are just trying to do some things for a positive change in Brevard," said Domokur.

The Aethelwold building now contains 12 condos, ranging from 697 square feet to 1,400 square feet. The building currently houses Domokur Architects as well.

The project is part of a larger development in downtown Brevard that includes the Aethelwold building and a new development at the corner of Broad and Jordan streets, which will include a three-story 4,500-square-foot retail and residential space and an underground parking garage for both the Aethelwold building and new development.

"That whole block will be developed under the same ownership - the same vision," said Domokur.

Domokur, who is an architect by trade but has developed buildings all over the country from Chicago to New York, looks at Brevard as an area with strong potential.

He's already put significant money into city properties and looks to continue to do so with current developments.

Domokur said the project took him several months in which he was required to bring the building up to par to meet local code. He said he was required to construct an elevator, as well as a second staircase. He also installed a complex fire suppression system.

Domokur said the Aethelwold's previous owner Tim Hall was no longer a part of the project and that Domokur owns the building now. Hall could not be reached for comment.

Hall purchased the Aethelwold building on Main Street more than 20 years ago. The building was a dilapidated old hotel that did not see much development under Hall's ownership.

Local real estate agent Ann Sharpsteen has been tasked with overseeing the sale of the properties.

Three condos have already been sold, Domokur said, with two more in the process of being sold, leaving seven condos ready for purchase.

"New investment is always welcome," said Mayor Jimmy Harris.

Harris said the new residential spaces will bring more people downtown, which will in turn increase sales tax revenue for the city based on the purchasing power of the residents.

"You'll have ready-made customers that buy goods and services," he said.

Harris also said the project will be creating parking with the construction of an underground parking lot and that he wasn't concerned the influx of residents would affect city parking.

The project has been a major investment into the downtown of Brevard. However, the investment has not gone off without speed bumps. Domokur has praised Brevard as a great area with plenty of potential, from a developer's point of view. He has also been critical of city officials.

In August, Domokur called foul on city officials for changing the details of an agreement that outlined the closing of Jordan Street.

He alleged that city officials reneged on closing the street during nights and weekends, which would require Domokur's team to reopen the street, costing him thousands of dollars. The city has since said the street will remain closed.

"The city just seems to be a road block," Domokur said.

Despite concerns, Domokur remains confident in the potential Brevard brings to the table for development opportunities. He has also partnered with Josh Chambers, a former paramedic in Greenville, S.C., to open Drift Brewing Co. below Jaime's Creole Brasserie.

"I think there's a tremendous amount of opportunity," he said.

 
 

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