Uptown’s Levine Museum of the New South has just been sold to New York-based Vela Uptown, which plans on demolishing the historic 1946 building to construct a luxury high-rise apartment high-rise in its place.
The museum put the site up for sale last year, telling it’s members they were planning on finding “new ways to create and deliver content in the digital age”.
The 42,000 square foot building at 200 E. Seventh Street sold to Vela for $10.75 million, roughly $3 million over its last appraised value, according to Mecklenburg County tax records.
The museum will remain open until May 15th, after which, they will transition to a temporary home at the Visual and Performing Arts Center on North Tryon Street.
According to a press release from the museum, they’re selling their building in order to, “capitalize on its value and help fund our ongoing transition from a traditional, facility-focused museum to one that builds community through programming delivered digitally, in-person and in non-traditional spaces — as well as from a new home that better fits our mission.”
The specific details surrounding Vela Uptown’s new luxury apartment development has not yet been released.
What do you think about the sale?