An undeveloped hole in the ground is the Coxe Avenue site of a proposed high-rise residential condo building that was to be called Zona Lofts.
An undeveloped hole in the ground is the Coxe Avenue site of a proposed high-rise residential condo building that was to be called Zona Lofts.

Word on the street is that two lots on Coxe Avenue sold recently in an area of downtown that’s heating up with new development activity, the so-called South Slope.

About six years ago, the two lots were once promised to be the location of some cool new development. A developer planned to build a 13-story residential condo building called Zona Lofts. But the real estate market crashed and the recession hit. The buildings went into foreclosure proceedings. More background from an Asheville Citizen-Times story from a couple years back:

Public marketing of Zona Lofts began in 2007. A news release said the 13-story building would be “cool, simple, affordable and green.”

Many units were relatively small and priced at less than $150,000, making them among the most affordable in a downtown residential market that was booming at the time.

Zona Lofts was one of several projects begun through a web of companies  developer Ron Kagy was involved in that were under the umbrella of a company called Altura Global.

No word yet on what’s planned for the two lots. But the sale comes as development on the South Slope of downtown heats up. A new brewery, Burial Beer Co., is getting set up nearby on Collier Street. Chef Elliott Moss is planning a barbecue restaurant called Buxton Hill on Banks Street. And who knows what else.

I recently wrote about the South Slope changes for the Asheville Citizen-Times here.

Want to see what Banks Street looks like now? Check out this Banks Street photo gallery.

3 Comments

  1. Pingback: Sold: Asheville South Slope warehouse to ironwork artist

  2. What is the status for the Ellington — that high rise hotel Grove Park Inn had approval to build on Biltmore Ave? City Council approved the plan, amid tons of controversy, in 2007 but the market crash a year later put those plans on hold. I believe the permit Council approved was for five years meaning it has expired but there has been no coverage of this in the local media that I have seen.

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