News
GBX Group Announces the Acquisition and Preservation of Three Historic Buildings in Asheville, NC
GBX Group
May 19, 2025
263 Haywood

ASHEVILLE, NC - GBX Group LLC proudly announces the acquisition of three historic properties across Asheville that are listed in the National Register of Historic Places. The properties include the Flora Sorrell Boarding House at 100 Biltmore Avenue, the Whiteford G. Smith House at 263 Haywood Street, 255 and 251 Haywood Street and the Burlington Hotel and adjacent commercial building at 60 and 64 Biltmore Avenue. GBX companies partnered with The Preservation Society of Asheville and Buncombe County, Inc. (PSABC) to protect the three properties with historic preservation agreements, which are designed to permanently protect the buildings’ historical façades. These GBX companies plan to preserve and adaptively reuse these structures, blending historic preservation with modern development. 

“GBX Group is proud to see the Flora Sorrell Boarding House, the Whiteford G. Smith House and the Burlington Hotel added to the list of historically preserved buildings in Asheville. Historic architecture is part of Asheville’s charm, and we continue to invest in and reposition properties around town that are worthy of saving,” said Drew Sparacia, CEO of GBX Group. “Through thoughtful preservation and adaptive reuse, we aim to honor these landmarks and their rich histories while creating spaces that meet the needs of today’s community and visitors.”

By leveraging various federal, state and local incentive programs, such as historic tax credits and preservation agreements, project partners can access critical, non-traditional financing sources that make preserving these important assets economically viable. A GBX fund, managed by GBX Fund Management Ltd., acquired the Flora Sorrell Boarding House, the Whiteford G. Smith House and the Burlington Hotel and adjacent commercial building. With these additions, GBX companies have acquired and protected 21 historic properties across Asheville.

In the aftermath of Hurricane Helene, GBX Group continues to invest in historic properties across the city, in addition to supporting relief efforts through WNC Tip It Forward, an initiative launched in partnership with GBX Group, AIR Asheville and Arts AVL to support culinary and creative workers in Western North Carolina. 

Flora Sorrell Boarding House Historic Information and Improvement Plans 

Built in 1911 by businessman Morris Meyers, this property opened in 1912. After hiring Flora McDonald Sorrell to run the inn, it became known as Flora Sorrell’s Boarding House. Over its 100+ year history, the boarding house has witnessed Asheville’s evolution through the Roaring Twenties, the Great Depression, the eras of Segregation, Integration, Urban Renewal, Revitalization and more. 

“The Floral Sorrell Boarding House is a testimony to Asheville’s storied past and has survived through more than 100 years of societal change. We’re excited to help write its next chapter,” said Brian Cappelli, President of Real Estate for GBX Group. “While the property will continue to operate as is, plans are underway to adapt this property to serve the hospitality industry in Asheville for generations to come.”

Whiteford G. Smith House Historic Information and Improvement Plans 

The Queen Anne-style Whiteford G. Smith House, constructed by its namesake who operated a local drugstore, is one of two remaining houses on Haywood Street. This late 19th-century structure is a relic in an area that has seen modern commercial development. 

Currently functioning as an office space, the property’s short-term plans include continuing its current operational use.

Burlington Hotel Historical Information and Improvement Plans 

The properties at 60 and 64 Biltmore Avenue were built in 1925 during Asheville’s 1920s boom period and are located in the Downtown Asheville Historic District. The Burlington Hotel at 60 Biltmore Avenue originally catered to the growing tourism industry and was later converted into office space prior to 1989. The adjacent commercial building at 64 Biltmore Avenue originally housed automotive and service-related businesses before undergoing a similar conversion. 

“PSABC is dedicated to safeguarding local historic landmarks that stand as testaments to Asheville’s architectural and cultural heritage,” said Jessie Landl, Executive Director of The Preservation Society of Asheville and Buncombe County, Inc. “Preservation easements and their associated incentives are vital tools that help to prevent the loss of historic character amid ongoing commercial development. We are proud to partner with GBX Group to preserve these buildings, helping to sustain the community’s identity and prosperity for generations to come.”

Photos by Max Shindler, Shindler Solutions

About GBX Group LLC 

GBX Group LLC specializes in acquiring, preserving and operating historic real estate in urban markets. The company partners with investors to fund the acquisition and preservation of historic real estate with the goal of generating community revitalization and economic growth. As of January 2025, GBX has been involved in 211 real estate projects in 24 states. For more about GBX, visit gbxgroup.com/

About The Preservation Society of Asheville and Buncombe County, Inc.  

The Preservation Society of Asheville and Buncombe County, Inc.’s mission is to conserve Asheville and Buncombe County’s heritage and sense of place through preservation and promotion of the region’s historic resources. For more information, visit psabc.org/ 

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Contact: Kelsey Sparacia

Public Affairs & Marketing Associate

kelseysparacia@gbxgroup.com

513-432-6156