No major issues with former Tryon Federal buildings

Published 9:46 am Friday, May 13, 2011

To the Editor:
The former Tryon Federal Bank buildings we bought a few years ago are for sale, and we don’t know of any major problems or issues with the buildings. There was an recent article written with comments by someone trying to buy the buildings implying problems exist; we are not sure if this was an attempt to buy the buildings for less or just misinformation – no reports have been ever been produced to this effect. There are usual and typical issues that come with historic properties of course. While we wish we had been able to address these comments before they were printed, we realize that it is not always possible.
We feel these buildings are not only well constructed, but they are the axis of Tryon. We are proud of these buildings and their location in the beautiful Town of Tryon. We believe in Tryon, as many do, we also believe better days for the area are on the horizon, and this property is a very good place to begin. It is a well-known fact that activity and enthusiasm are contagious.
We wish to redevelop these buildings as soon as possible.  Remarkably, we are searching for additional properties in the town to raise the total size of a redevelopment project to a level that meets certain loan and funding requirements we are shy of meeting at this time. We are currently investigating the viability of the Adams Millis project and hoping to find others.
While the current economic problems have not passed over our business, we have options available through joint ventures, Chapter 11 Re-Organization, and sale of the property in part, or as a whole. We have had so much interest in the buildings it is hard to imagine a solution is not forthcoming. We remain flexible and truly hope to progress the property soon, and to avoid placing the property into a Chapter 11 Re-Organization situation that could hender the redevelopment for a few more years, we are exploring this option now for better understanding.
We are willing to place the buildings into a joint venture or solid investment holding to progress their redevelopment.
We would like to note that the Town of Tryon officials and local businessmen Justin Hembree, Crys Armbrust, Doug Arbogast, Allan Pruette and Bill Miller with which we have spoken to in the past weeks have all been helpful and knowledgeable to our efforts.
We would like to invite any comments or suggestions; our phone number is 704-219-2230, and our email is
– McCray Smith, president of Cray, Inc.

Sign up for our daily email newsletter

Get the latest news sent to your inbox