Smith Anderson Client 21c Museum Hotels Expands into Durham
Raleigh, N.C. – Building on its mission of engaging the public with contemporary art and supporting the revitalization of American downtowns, 21c Museum Hotels recently announced that it is rehabilitating the historic Hill Building in downtown Durham, N.C. Kentucky-based 21c Museum Hotels will turn the property into a boutique hotel and contemporary art museum with a restaurant. The $48 million project will be funded through a variety of sources, including $7.7 million in city and county incentives.
Smith Anderson assisted 21c over a two-year period in connection with acquiring the Hill Building, negotiating the general contractor agreement, obtaining the mortgage-based loan financing, and assisting in various matters relating to the tax credit financing, including conducting title and survey due diligence, obtaining title insurance commitments and policies, forming N.C. entities and rendering certain non-tax legal opinions.
Like its sister properties in Louisville, Ky., Cincinnati, Ohio, and Bentonville, Ark., 21c Durham will be woven into the fabric of downtown, welcoming both visitors and members of the community to experience its rotating exhibitions of local art, participate in its programs and enjoy its culinary offerings. Once completed, the property will also feature 125 guest rooms, 10,500 square feet of exhibition and event space, a Chef-driven restaurant, spa service, and numerous other high-end hotel amenities. The project is expected to open in early 2015.
About 21c Hotels
21c Museum Hotels was founded by Laura Lee Brown and Steve Wilson, contemporary art collectors and preservationists who are committed to bringing works of art to the public through innovative exhibitions and programs that integrate contemporary art into daily life. These goals, coupled with their desire to participate in the revitalization of downtown Louisville led them to open the first property in 2006. Each 21c is unique in its site-specific art installations, architecture, design and restaurant. With a commitment to bringing works of art to the public that ignite the mind and fuel creativity, the museum exhibition space is integrated seamlessly throughout each property. For more information, please CLICK HERE.
About Smith Anderson
Since our founding in 1912, Smith Anderson has grown to more than 120 attorneys and is the largest law firm headquartered in North Carolina’s Research Triangle area. We serve clients ranging in size from large public companies to emerging growth businesses, providing a full range of legal services to assist our clients in accomplishing their goals. The knowledge and experience of our attorneys makes us well-positioned to handle the litigation and business matters that our clients face. For more information, please visit www.SmithLaw.com.