PIEDMONT FEDERAL BUILDING

The glass side of the Piedmont Federal Savings & Loan reflects a wavy scene in downtown Winston-Salem, where the bank has done business for more than 100 years.

Piedmont Federal Savings Bank sold its Third Street buildings but says it is committed to keeping a presence in downtown Winston-Salem.

Piedmont has sold its properties at 10 and 16 W. Third St. for a combined $1.35 million. The sale was completed Monday, according to a Forsyth County Register of Deeds filing.

The buyer is Salem Business Investment LLC, based at 3206 Polo Road in Winston-Salem. Sen Li is listed as the member-manager of the buyer, which was formed July 19, according to a N.C. Secretary of State filing.

There has been speculation that Piedmont would sell the properties after moving its headquarters to a 60,000-square-foot building at 201 S. Stratford Road in 2012.

"Piedmont is committed to having an office downtown," said Ginger Salt, Piedmont’s chief marketing officer. "We have maintained a presence there since the bank was founded in 1903 and will continue to do so.

"We will lease our branch at the current location until our new facility is completed across the street on the other corner of Third and Liberty."

Piedmont will occupy an office on the ground floor of the building being developed by Mayfair Street Partners.

Salt said she did not know what Salem Business Investment's plans are for the two buildings.

"I am really pleased to Piedmont Federal is going to continue to have a branch in downtown," said Jason Thiel, president of Downtown Winston-Salem Partnership.

"It has been really helpful for many years facilitating the projects around the Merschel Park."

The bank previously gave the Pepper and Crawford buildings to the Downtown Winston-Salem Foundation.  

Mayfair acquired the Pepper Building for $2 million and unveiled plans in July 2016 for a 75-room boutique Indigo Hotel at 104 W. Fourth St. The property is at the corner with Liberty Street.

The 49,000-square-foot property was built in 1928 and is named for the family who once owned the lot it stands on. It is in the art deco style with terra cotta decorative elements.

The hotel opened in April. Mayfair partner Simon Burgess has said the group projected spending $15.5 million on the renovation, which features a fitness center, a meeting room and a mezzanine gallery space.

The ground floor at the street corner is the home of the new Sir Winston restaurant that takes its name from the restaurant that once occupied the basement of the building. The basement will house a second restaurant that will go by the name Pepper’d by Sir Winston.

rcraver@wsjournal.com

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