Talk about a game-changer. WOW! Rumors of the BB&T’s sale have been floating for quite awhile. And for obvious reasons. The downtown office building has been a shadow of its former self. It looks like John McKibbon is placing a real bet on Ashvegas. Press release:
Tower Associates Inc., owner of the BB&T Building, has formed a partnership with the McKibbon Hotel Group to redevelop the city’s tallest building from commercial office space to a mixed-use development that will include an upscale boutique hotel, according to Tower Associates Chairman of the Board Glenn W. Wilcox Sr. and McKibbon Hotel Group Chairman John McKibbon.
Properties included in the new partnership, MHG-Tower LLC, include the 17-story BB&T Building and the associated parking garage at the corner of College and Broadway streets. Financial terms of the partnership were not disclosed.
Glenn W. Wilcox Sr.’s company Wilcox Travel was one of the first tenants when the building opened in 1965 as the Northwestern Bank Building, and Wilcox has been in the building continually for 48 years.
“I moved to Asheville from Boone in September 1965, the same month that what is now the BB&T Building opened. I’m pleased to be partnering with John McKibbon on this exciting project. I have great respect for John and am looking forward to working with a man of such proven integrity,” Wilcox said.
“I‘m honored and pleased to have the opportunity to redevelop downtown Asheville’s iconic high-rise, and partnering with the Wilcox family makes it all the more special. We have enjoyed building and managing hotels in Asheville for nearly 20 years, and we look forward to starting our next project in this landmark location,” McKibbon said.
MHG-Tower LLC will be working with the City of Asheville on the planning and approval process. More details on the project will be released as they become available.
Tower Associates Inc. located in Asheville, is the leasing agent and operator of the BB&T Building and BB&T Parking Garage in downtown Asheville and has owned these commercial properties since 1988.
McKibbon Hotel Group, Inc., based in Gainesville, Georgia, is an award-winning, privately held company that has focused on hospitality for more than 50 years. MHG has relationships with three major hotel brands: Marriott International, Hilton Hotels and Starwood Resorts and Hotels. Its portfolio includes more than 75 properties throughout the United States, including three in Asheville.
For additional information on Tower Associates, Inc., visit towerassoc.com. For more information on the McKibbon Hotel Group, visit mckibbon.com.