Reinvestment and Reactivation of the River Arts District advances long-term vision for a thriving, artist-centered campus
ASHEVILLE, NC – GBX Group LLC is pleased to announce the acquisition of Riverview Station at 191 Lyman Street in Asheville’s River Arts District, reinforcing its commitment to the district’s ongoing recovery and reactivation following Hurricane Helene.
The acquisition of Riverview Station strengthens GBX Group’s long-term investment in Asheville and its creative economy, as this marks the 24th project that GBX Group has been involved with in the city. Capital is being deployed immediately to stabilize Riverview Station, support returning tenants, and accelerate redevelopment efforts across the River Arts District, an area significantly impacted by the hurricane.
A GBX company partnered with The Preservation Society of Asheville and Buncombe County to protect the property through a historic preservation agreement. The agreement ensures the building’s historic façade and defining architectural features will be preserved in perpetuity, while allowing the structure to continue serving the community through active use.
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 Riverview Station.
A Vision for Reuse, Revival, and Creative Placemaking
For years, Riverview Station and the surrounding district have supported Asheville’s artists, makers, and small businesses, serving as a home to dozens of working studios prior to Hurricane Helene. The widespread flooding displaced tenants, damaged buildings, and halted activity across a district long recognized for its creative energy.
A phased strategy for stabilization, tenant reactivation, and long-term planning at Riverview Station is being implemented with the goal of supporting the district’s continued revival. Early progress in the broader district includes the highly successful Marquee Asheville reopening, which welcomed more than 5,000 visitors and showcased nearly 300 regional artists—demonstrating the resilience of the creative community and the public’s strong enthusiasm for the River Arts District’s recovery.
Additional tenant buildouts are underway in the broader district, including a rock-climbing facility, new restaurant concepts, and the relocation of an established woodworking shop, all contributing to the area’s renewed activity.
Honoring History, Supporting the Future
Hurricane Helene left large portions of the district underwater—up to 25 feet in some areas—displacing tenants and disrupting commercial and artistic activity across one of Asheville’s most beloved creative corridors.
The recent approval of the campus’s historic designation by the National Park Service as the Hans Rees’ Sons Tannery Historic District marks an important milestone in the site’s future. This designation not only recognizes the district’s important historic character but also opens new opportunities for preservation-driven investment as GBX Group and others advance the next phase of redevelopment.
The Preservation Society of Asheville & Buncombe County (PSABC) recently accepted a historic preservation easement for Riverview Station.
Long-Term Commitment to Asheville
With this acquisition, GBX Group has invested in 24 properties across Asheville over the last decade, including well-known projects such as the Cedar Crest Inn and the Foundry Hotel Asheville.
These investments reinforce GBX Group’s ongoing commitment to supporting the region’s creative and cultural ecosystem—an effort also reflected in the company’s involvement in the “WNC Tip It Forward” campaign, a relief grant program founded by ArtsAVL, AIR, and GBX Group to provide critical support to workers in creative and culinary fields impacted by Hurricane Helene.
GBX Group aims to help position the River Arts District as a national model for artist-centered development, resilient placemaking, and community revitalization.
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 2026, GBX has been involved in 216 real estate projects in 24 states. For more about GBX, visit gbxgroup.com/.
About The Preservation Society of Asheville and Buncombe County
The Preservation Society of Asheville and Buncombe County’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