The town would provide $1,000 in matching funds and the developer would provide $4,000 in matching funds if approved.

Wallace

Cheves, the developer of the project, told council Tuesday that when the real estate market began to slow down, developers decided to take advantage of tax credits that the state is currently offering.

&dquo;When the market started slowing down we realized condos would be a tough sell,&dquo; Cheves said.

Developers said they figure many more people may be renting and the grant requires that the developer hold the apartments for rent for five years.

Cheves also said the building has been placed on the state&squo;s study list for the National Historic Registry. The building, which sits on approximately four and a half acres on Horse Shoe Curve Road, was constructed in 1936.

The 80,000-square-foot building was formerly a Barnett Southern plant, which closed several years ago.

Developers asked for the property to be voluntarily annexed into Tryon town limits and rezoned as mixed use to allow condos and 5,000 to 6,000 square feet of commercial space to be constructed.

Cheves said last year developers spent a good bit of money on the building removing asbestos and lead paint.

The N.C. Rural Center grant deadline for this project was extended to Dec. 31. Cheves agreed to complete all the paperwork and give to the town for submittal. Awards will be announced in February, with funds being available in March, 2009.