Developers could invest $300 million in vacant building in Downtown Greensboro

DGI Inc. President Zack Matheny said a company has big plans for the old News & Record Building

GREENSBORO, N.C. — A vacant building on some prime real estate in Downtown Greensboro Inc. (DGI) could soon get a major facelift.

DGI president Zack Matheny says a development company bought the property where the old News and Record building sits.

He says the site could be used for office space or new housing, among other things.

Matheny expects the company to invest hundreds of millions of dollars into the property that’s been empty for years.

He says having a giant property go unused has hurt downtown.

It’s challenging property right now. it’s in disrepair. it validates what we’re experiencing in downtown Greensboro. this is an outside group willing and wanting to come invest probably more than 300 million dollars in this development,” Matheny shared.

Matheny says it’s too early to know a timeline for the project but expects it to kickstart more development downtown.

Recently, DGI partnered with a company that helps communities reshape and rethink downtowns and main streets.

Together they’re installing 13 outdoor patios where temporary patios initially took over parking spaces.

Each patio should allow eight to 10 additional dining seats.

DGI fronted most of the money for the patios with some help from the City of Greensboro. In all, the entire project cost about $400,000. They say it is the largest financial investment DGI has ever made downtown.

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