International Market Centers, owners of the main High Point Market furniture showroom buildings, said Monday it plans to make a $33.5 million capital investment in those properties.
The fall market began Friday and ends Wednesday.
Foremost among the expenditures is a $14.4 million renovation to the International Home Furnishings Center, the world’s largest building dedicated to home furnishings at 3.5 million square feet.
The renovation will include a makeover of its main entrance into the Commerce wing of the building, as well as “customer-facing renovations and refurbishments to IHFC and several of its other downtown High Point properties.”
The capital investment is part of a three-year, $280 million initiative announced in January by IMC, which also owns the main showroom buildings at the Las Vegas Market and several high-end furnishings showrooms in Atlanta.
“Re-investment is essential to drive continual growth, relevance and the value proposition of attending Market,” said Bob Maricich, chief executive for IMC.
“Our recently announced initiatives in Las Vegas, Atlanta and now High Point, underscore IMC’s mission to create exceptional markets of enduring value for the furnishings, home décor, gift and apparel industries.”
Some of the IHFC upgrades have begun and will be implemented over several phases with a scheduled completion by the fall 2021 market. Since its founding in 2011, IMC has invested more than $80 million in High Point Market and the surrounding community.
In 2018, IMC acquired the Atlanta Decorative Arts Center and AmericasMart.
That acquisition increased IMC’s ownership and operation of home furnishings to more than 20 million square feet of showroom space.
IMC has 16 buildings with more than 6.7 million gross square feet in High Point, three main buildings and three exhibition pavilions with about 5.4 million gross square feet in Las Vegas, and about 7.2 million square feet with AmericasMart Atlanta.
IMC was acquired by Blackstone and Fireside Investments in 2017.