- Associated Press - Saturday, June 28, 2014

WINSTON-SALEM, N.C. (AP) - The historic R.J. Reynolds Tobacco headquarters in Winston-Salem has a new owner who has plans to convert it into a mixed-use building.

The Winston-Salem Journal reports (http://bit.ly/1mnN9z5) PMC Property Group to spend $7.8 million to buy the 22-story building, and to invest an estimated $60 million overall in the conversion.

Kimpton Hotels and Restaurant, based in San Francisco, will operate a boutique hotel on the bottom six floors. The rest will be developed as 120 luxury rental residential units.

Ron Caplan, president and founder of PMC of Philadelphia, said the goal is opening in the fall of 2015, with internal demolition beginning within 30 days. The companies say they will have a better feel for the design once interior walls have been removed.

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Information from: Winston-Salem Journal, http://www.journalnow.com

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