What We Do

Public Interest Projects makes investments in business and real estate which are cost-effective and contribute to making Asheville a more vital, livable city. Our development strategy targets housing and business development - renovating historic buildings into market rate housing for diverse economic levels, and investing in and providing management support for local businesses that contribute to making downtown an appealing place to live and work.

Our residential renovations to date have been in historic buildings, helping to maintain the unique character of this community and taking advantage of available historic tax credits. Tax credits make marginal projects economically viable and historic renovation makes economic sense. People don=t want to live in, work, or visit soulless places. We provide greenspace and mountain views where possible. Flower boxes, roof gardens and courtyard plantings soften the city and create livable, welcoming spaces.

Residents provide life and security on the street and a ready market for downtown goods and services. PIP=s residential rental projects, the Carolina Apartments, Turnbilt and the Asheville Hotel, added much needed market rate housing downtown and 100% occupancy rates prove that the market for downtown housing is most certainly there. The Old Penney=s Building, our first residential condominium project, was fully reserved more than six months before the first unit was finished and Asheville now has another twenty-two owners with a vested interest in downtown livability. Public Interest Projects is currently developing a strategy for infill development which contributes to the downtown fabric while providing middle market housing opportunities.

Great businesses are essential for a great downtown, but business capital is difficult to come by for those businesses that are courageous enough to locate in emerging downtowns. Banks tend to be risk averse and many entrepreneurs cannot overcome the double-jeopardy of being an unproven business in an unproven area. Investing in a vibrant downtown means investing in people. PIP has been able to step in and fill the gap for a number of local entrepreneurs, providing the missing ingredients whether they be capital or management, accounting, or marketing support. Among the great businesses we=ve worked with are the Laughing Seed, Salsa, Malaprops and the newly re-opened Zambra. Seeing the need for a larger music club, PIP brought Jack and Lesley Groetsch, experienced club owners from New Orleans, to Asheville to create the Orange Peel, now one of the Southeast=s premier live music venues.

One of our goals has been to demonstrate to other investors and developers that it is possible to develop attractive, affordable residential units downtown, support businesses which make living and working downtown convenient and interesting, restore and maintain our historic buildings cost-effectively, and still generate a reasonable return on investment. Our model can be replicated. A comprehensive investment strategy focused on supporting a downtown residential revival works. The strategy is particularly effective at a time when people are increasingly tired of the frustrations associated with sprawl, traffic, and not having enough time . . . for anything. The quest for community and manageable lifestyles is bringing people downtown, with its unique and diverse opportunities for shopping, working and living.