Public Interest Projects

Public Interest Projects, Inc. (PIP) is a for-profit development company founded in 1990 by the late Julian Price. Asheville&s;s sidewalks and storefronts were largely empty, but we believed that downtown development could be both the greenest form of growth and good business. An attractive, livable downtown provides people a reasonable alternative to suburban sprawl while reducing sprawl-related air and water pollution and conserving both historic buildings and greenspace. Our development strategy is based on complementary investing: developing mixed-use real estate projects offering people at different economic levels a chance to live downtown, while investing in and supporting local businesses that turn sidewalk storefronts into amenities. The result is the creation of long-term value for us and for the community. PIP undertook its first residential project in 1993, The Carolina Apartments on N. French Broad Avenue, 27 apartments in a burned out building with no parking. Even though our property manager said it would fail and local banks had no interest, the project was fully rented prior to completion. Other major renovation projects conceived of, capitalized and carried out by PIP: the Asheville Hotel (Malaprops, Zambra, &a; 29 apartments), The Old Penney&s;s Bldg (Mobilia, Studio Chavarria, 23 residential lofts), 65/69 Biltmore Avenue (Laurey&s;s, Asheville Wine Market), The Orange Peel Live Music Club (101 Biltmore), The Rice-White Bldg (19/21 Biltmore - Ariel Gallery, Karmasonics &a; 10 apartments), The Vanderbilt Apartments (75 Haywood St. - 123 low income elderly apartments - exterior repair and renovation), Turnbilt Apartments (134/138 Biltmore Ave. - 16 apartments), 123 Biltmore (offices), and 29 1/2 Page Avenue (retail/offices). Today, even in the current economic downturn, all PIP downtown residential projects have waiting lists and downtown remains a strong residential market.