ELIZABETH CITY, N.C. - The initial phase of a massive apartment development in Downtown Elizabeth City is expected to welcome its first tenants this week.
Betsy Town Flats is located at the corner of Elizabeth and Road Streets and has been under construction for around 2 1/2 years, according to builder James Flanigan.
“I was watching a historic documentary on YouTube and this great southern gentleman. He brings up Elizabeth City, ‘Betsy Town,'" said Flanigan, a vice president of J.D. Lewis Construction Management, of the story behind the name.
85 apartment units are planned for "Betsy Town," more than 30 of which are be ready for tenants this week, Flanigan tells News 3, adding that the units average around $1,300-$1,400 in rent per month.
Several of the units overlook Downtown Elizabeth City. They're largely open concept with state-of-the-art kitchens and living space.
But you wouldn't know it from the outside of the building.
“It was originally the Elizabeth City High School, then (Elizabeth City) Middle School. The spot we’re in was actually a haunted house for a number of years," he said. “We are retaining a lot of the historic fabric that still exists in the building so a combination of new and old.”
It's a combination the "Harbor of Hospitality" believes could bring a lot of green the city's way.
“[The property] was not generating any tax revenue and now it will be generating probably $80,000-100,000," said Deborah Malenfant, Executive Director of Elizabeth City Downtown, Inc.
The largest development of its kind in the city center, Malenfant says tax revenue is just the start of the dollars Betsy Town Flats is projected to bring to the area.
“Probably 125-130 individuals (living there). Each one spends an average of $20,000 on food, retail and other incidentals," she said.
Multiplied together, it means at least $2 million spent annually. Malenfant adds the development's overall local economic impact is projected to be about $19.5 million.
It's money that would go a long way to helping Elizabeth City realize the complete vision for its upstart downtown area, which has seen numerous businesses move in, along with the Weatherly Lofts development Flanigan's team built a couple years back.
“You have to have people living, working and playing downtown. The three of those things combine together to create a good balance," said Malenfant.
The rest of Betsy Town Flats is predicted to finish by the end of the summer. Flanigan says a restored gym on the property will likely be operated by the city's Parks and Recreation office and will be open to the public.
