news-record.com

GREENSBORO - For Sale: 23,500-square-foot , two-story, 37-year-old building on an acre-plus.

Location: the heart of downtown's cultural district.

Amenities: Indoor pool, gym and dance studio, playground.

Price: Undetermined.

Tax value: $4 million .

Current owner: YWCA .

Reason for sale: the agency's current financial crisis.

Prospects for sale: Uncertain.

"I can't imagine anyone wanting to buy it," said Milton Kern , a downtown developer. "Everybody is in such a state of panic and flux right now. There's no money to loan."

But that doesn't mean the property hasn't attracted considerable attention.

On Friday , a spokesperson for Roy Carroll , who is spending more than $40 million to rehab the old Wachovia Building downtown, said the developer is interested in the YWCA property and "will be taking a look at what develops to see what our role might be in the project."

Carroll did not elaborate.

In addition, a number of government officials and foundations heads would like to see the property sold and then held onto for some later use.

"That is a really important piece of property to think about preserving for the public good," said Skip Moore , president of the Weaver Foundation . "The question is how to do that."

In the world of real estate, the possible sale of the YWCA proves that location isn't everything. Timing plays a role, too.

The current economic decline has heightened the YW's need to sell and diminished the prospects of finding a buyer.

On Thursday , the organization's board voted to consider selling the property. If that happens, the group would then like to lease the building from a potential buyer, start a capital campaign and find a new home.

A feasibility study conducted more than two years ago said the nonprofit had outgrown its current building.

"The YWCA of Greensboro finds itself at a crossroads," the study said. "(It can) maintain an inadequate existing building or plan for a new building to meet current and future needs."

Now, the YW finds itself at a different crossroads. The agency owes more than $100,000 and could not make its payroll last week. The sale of the building would bring in some much-needed cash.

"I think it is an important step in the YW regaining its financial stability," Judi Rossabi , president the agency's board of directors , said of a possible sale. "It's a great piece of property."

But what if the building doesn't sell? Can the YW bring in enough money and find enough savings to stave off closing?

"I think it is going to be difficult," Rossabi said, "but I do feel like (we can)."

Those who would like to see the YWCA relocate say the property could be put to a variety of uses, Those include:

l Development of a residential or office complex.

l Expansion for the Greensboro Historical Museum or the Greensboro Public Library , its closest neighbors.

l Rehabbing the existing building for another use.

l Expansion of Festival Park , a 0.6-acre green space next to the Greensboro Cultural Center .

That would be the favorite of Ed Wolverton , president and CEO of Downtown Greensboro Inc .

"Parks are an important amenity for downtown residences and downtown workers," Wolverton said. "Parks can certainly be development magnets in urban settings."

But Wolverton and others agree that local foundations don't have the assets they once did to buy and hold properties for future development.

Moore said that's the case at the Weaver Foundation.

"I wish we did," Moore said. "I hope it will be acquired in some way that will benefit the community."

Contact Donald W. Patterson at 373-7027 or don.patterson@news-record.com.