Long-empty building in downtown Rocky Mount could become luxury apartments
A long-vacant building along Rocky Mount's growing downtown looks to finally be seeing some activity after years of inaction.
Local developer Stephen Floyd with Floyd Investments purchased 325 Franklin St. late last month with plans to develop 23 luxury apartments. The location is right at the center of an expanding downtown scene with multiple restaurants and retail spaces surrounding the popular Harvester Performance Center.
"I kind of always looked at it and thought, 'What if? What could it be?'" Floyd said of deciding to purchase the property after months of consideration.
Floyd, a Franklin County resident, saw another opportunity to provide needed apartments in the county, where housing is limited. Earlier this year, he completed work converting the former social services building in Rocky Mount into multiple apartments. He said those apartments were filled before he even completed the project.
"We were about to go through and complete that project and take what was another vacant building that had been sitting for several years and turn it into a really nice living space," Floyd said.
Now with the purchase of 325 Franklin St., Floyd said he wants to build 23 luxury apartments on the upper floors with room for two retail spaces on the bottom floor. His plan is to construct luxury apartments "while still being reasonable in price."
Developer Stephen Floyd plans to construct 23 luxury apartments and retail space in the long-empty former Morris Furniture building located at 325 Franklin St. in downtown Rocky Mount.
Floyd added that talks are already underway with a retailer to take one of the spaces, but he would not provide information while negotiations are ongoing.
The corner building has as a storied history in Rocky Mount, formerly known as the Morris Furniture building. It was built in 1912 and once held a department store and furniture store.
More recently in 2014, the property was purchased by Phillip Bane, who proposed turning the property into a hotel and restaurant. His interactions with the town became rocky in 2020 the town council discussed declaring the property a nuisance due to blight. That decision was ultimately held off.
Disputes between the town and Bane continued for the next few years over the property. Bane ran unsuccessfully for a town council seat and was also unsuccessful in suing the town for what he claimed were damages and disruptions to his business.
The most notable interaction was in May 2022 when Bane visited the town office to speak with Town Manager Robert Wood. During a heated interaction, Bane claimed Assistant Town Manager Mark Moore "assaulted and battered him from behind" in the parking lot of the office.
Those assault charges were later dismissed in Franklin County General District Court in March 2023.
While Floyd said he knew of some of the building's history, his focus is on completing the project and having the apartments available as soon as possible. His plan is to have the apartments available to rent as soon as next summer.
Rocky Mount Mayor Holland Perdue praised the plan to construct the apartments in downtown. Once the apartments are completed, he said all but three of the spaces in downtown will be filled. There were 12 empty spaces when he first ran for office in 2022.
The downtown apartments would be located just a short walk from a library, farmers market, bars and restaurants and the Harvester Performance Center. It is also at the center of the town's biggest events, such as Rocky Mount Fest and Come Home to a Franklin County Christmas, when much of Franklin Street is shut down to traffic.
"I think this is really going to add to downtown," Perdue said.
Jason Dunovant (540) 981-3324
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