Correction: Downtown property study omitted CityView apartments

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CityView apartments
CityView apartments

by Jordan Green

Last week’s cover story, “Who owns downtown? Winston-Salem and Greensboro on the rise,” made an epic omission, based on the geographic parameters identified for the survey area, which defined downtown Greensboro as lying between Murrow Boulevard, Gate City Boulevard, the western leg of the Downtown Greenway and Fisher Ave.

Instead, the study used data from the downtown improvement tax district, which only partially covers the study area defined for the story. As such, the story excluded the CityView at Southside Apartment Homes, which according to Guilford County tax records hold a value of $29.4 million. Based on those numbers, partners Frank Auman, Milton Kern, Seth Coker and Robert Isner, who formed the partnership that owns the luxury apartment community, should have been ranked No. 7 in the study, just ahead of the Jones brothers, who own the Greenway @ Fisher Park and Greenway @ the Stadium properties.

Incidentally, the CityView partners closed on a sale of the properties to Roy Carroll, who is responsible for the Center Pointe condominium high-rise and is developing the massive Bellemeade Village across from NewBridge Bank Park. The closing took place on May 14, the day our story was published.

Triad Business Journal reported that the Carroll Cos. Purchased CityView apartments from Signature Property Group for $42 million. Frank Auman and Seth Coker, respectively the CEO and asset manager, of Signature Property Group, are two of the four partners in the LLCs that formerly controlled the CityView properties. Based on tax records, the sale brings the value of Carroll’s downtown properties to $65.0 million, catapulting him from No. 6 to No. 4 in Triad City Beat’s rankings.

The story also excluded Holy Trinity Episcopal Church, which is valued at $5.4 million and as such should have been ranked No. 32 in the list.

The aggregate value missed by the Greensboro survey totaled $59.9 million. As such, the total value of downtown Greensboro is changed to $1.0 billion. To use specific numbers, the value of downtown Greensboro is $1,031,884,000, compared to $1,065,037,713 in downtown Winston-Salem.