Sharp Capital buys Kress building
Sharp Capital Group LLC has bought a local landmark, the Kress Plaza.
Sharp Capital Group LLC (www.sharpcapitalllc.com) is a venture capital and private equity firm which supports projects that, as Managing Principal Skip Wood explains, are “headed on a clear path to continued success.” Sharp Capital Group’s interest in Kress Plaza stems from their commitment to both progress and historic landmark preservation.
The Kress Plaza’s history is one of cultural significance in Salisbury. S.H. Kress & Co., founded by Samuel H. Kress in 1896, opened a chain of five-and-dime stores and was responsible for the architectural design of their buildings in downtowns across the country. The Salisbury Kress store opened in 1910 at 300 S. Main St., and it has been called by some Salisbury’s “Icon of Beauty” because of its striking construction.
Kress Plaza fell into disrepair after the store’s closing, but historic preservation groups recognized the value of this building and saved it from demolition. In September 2005, Joel L. Goodman, owner of Goodman Investment Properties in Mooresville, bought the Kress Plaza and began a comprehensive renovation of the building’s exterior as well as the construction of five luxury condominiums on the second floor that was completed in 2007.
“Joel Goodman has exceeded the highest levels of quality in the work done to date. Our need for expansion and commitment to the highest standards of quality made this opportunity a natural fit. Joel has become a good friend in this process, and we hope to do more projects with him in the future. He is a true gentleman who operates at the highest levels of integrity,” says Wood.
Randy Hemann, executive director for Downtown Salisbury Inc. says, “Sharp Capital LLC’s acquisition of the Kress building is a positive step for Sharp and for the downtown. This purchase will also insure that the legacy of quality that Joel Goodman exhibited in the redevelopment continues as the building moves into a new phase of ownership.”
Wood confirms that Sharp Capital Group LLC is “flattered and humbled to be able to acquire one of the centerpiece properties in downtown Salisbury and looks forward to finishing this outstanding project in a manner that Joel Goodman, Downtown Salisbury Inc., the city of Salisbury, and Samuel Kress would be proud.”
Plans are being developed for the relocation of Sharp Capital Group LLC and several of its subsidiaries to the Kress Plaza in the spring of 2012.