In a landmark real estate transaction, the Salisbury City Council has approved the sale of the historic Plaza Building to the Wallace Family. The unanimous decision came after extensive deliberation and public feedback. The Wallace Family, operating through their newly formed entity Wallace Building Salisbury, will acquire this downtown icon for $2.2 million.
Wallace family’s investment revitalizes historic downtown landmark
The Wallace Family’s commitment to Salisbury’s architectural heritage goes beyond the purchase price. As part of the development agreement, they have pledged to invest a minimum of $7.3 million in building improvements. Led by Lane Wallace, the family has expressed intentions to invest over $11 million into fully restoring and enhancing the property.
The city’s decision process began in 2022 with a request for proposals that attracted three initial responses. After narrowing the focus to preserving the building’s historic character while developing its commercial and residential elements, only two companies submitted revised proposals in October 2023.
Assistant City Manager Kelly Baker emphasized that the Wallace proposal was selected primarily because of the substantial guaranteed investment in the building. The family’s vision aligns with the city’s goals for downtown revitalization and historic preservation.
Local development expert Josh Barnhardt, who has partnered with the Wallace family on previous restoration projects including The Salisbury building, has joined the Plaza project team. “This is a major investment in downtown, and I think as Council saw there’s not a lot of folks who would come in from the outside who would be willing to spend this much on this building,” Barnhardt noted during the public hearing.
The Wallace family’s connection to Salisbury’s downtown development projects has deep historical roots, as they previously owned the building from 1914 to the 1960s, with Wallace Realty continuing to manage the property until the late 1970s.
Development requirements and preservation commitments
The agreement between the city and the Wallace Family includes several stringent requirements designed to preserve the building’s historic character while modernizing its functionality:
- Completion of the project within five years of closing (though developers plan to finish in two years)
- Restoration of the exterior walls to maintain historic integrity
- Preservation of key interior historic features including the tile floor, metal balustrades, and wooden railings
- Maintenance of street-level, pedestrian-friendly commercial spaces
- Addition of at least 10 new residential units (current plans include 14-17 units)
- Restoration or replacement of the interior elevator
- Notice requirements for current tenants (six months for residential, three months for commercial)
City Attorney Graham Corriher highlighted the comprehensive historic preservation agreement that will ensure the building remains “the historic icon that it is.” The property, which is already in a local historic district and listed on the national registry, will have additional covenants requiring maintenance according to the Local Historic District standards and the National Parks Service Secretary of the Interior’s Standards for the Treatment of Historic Properties.
The Plaza Building holds particular significance in the region’s architectural history. When completed in 1913, it stood taller than any building in Charlotte or Winston-Salem, establishing Salisbury as a notable urban center in North Carolina.
Public support and city’s strategic divestment
During the public hearing, numerous community members expressed support for the sale. Dylan Ellerbee, a recent transplant from Durham, praised Salisbury’s preserved downtown and noted the Wallace family’s longstanding commitment to the community, particularly mentioning Mona Lisa Wallace’s decision to establish the Wallace and Graham law firm locally.
The city has owned the former Wallace Building since 1990, after Ralph and Anne Ketner of Food Lion partnered with the city to purchase, restore, and donate it. However, several Council members emphasized that local government should not function as landlords.
| Timeline | Ownership | Notable Events |
|---|---|---|
| 1913 | Original construction | Tallest building in the region |
| 1914-1960s | Wallace Family | Initial ownership period |
| 1960s-1970s | New owners (managed by Wallace Realty) | Transition period |
| 1990-2025 | City of Salisbury | Public ownership after Ketner donation |
| 2025-Present | Wallace Building Salisbury | Current $2.2 million acquisition |
Mayor Pro Tem Harry McLaughlin explained, “As the government, we’re not in the business of being landlords. The situation, to sell the building, is important because we can get out of that and instead continue to administrate the laws and govern the city as we should.”
Council Member Susan Kluttz, former Secretary of the North Carolina Department of Natural and Cultural Resources, praised the development team, noting the Wallace family’s generous contributions to numerous important community projects including the Novant Health Wallace Cancer Institute and the Rowan-Salisbury Schools central office.
Future vision for a downtown centerpiece
The Wallace family’s redevelopment plan includes creating smaller apartments for short-term and affordable rentals, addressing a growing need in Salisbury’s housing market. This approach earned praise from Davis Cook, a former member of the Downtown Salisbury Inc. board of directors, who called it “a positive direction” for the community.
Jason Walser, a community member who spoke during the public hearing, acknowledged the financial challenges of such a substantial investment. “I think the Wallace family putting over $9 million into this building is probably not the best decision. It’s questionable in terms of the economics, but I know why they’re doing it, it’s because they care,” Walser remarked.
Council Member David Post emphasized the city’s fortune in having a family willing to “undertake something of this magnitude,” highlighting the rare combination of local commitment and financial capacity the Wallace family brings to the project.
With the unanimous Council approval, the Plaza Building now enters a new chapter in its storied history, poised to maintain its position as a central architectural and cultural landmark in Salisbury’s downtown for generations to come.
