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GREENSBORO — A deep, long-running recession hasn’t robbed downtown of all its development options, especially on South Elm Street.

Last month came word that a local developer wants to spend $3.6 million on a new, five-story building on South Elm.

Now, a property owner just up the street says he plans to turn his 104-year-old building into space for a restaurant and 18 apartments.

That investment could total $2.4 million.

A third project — involving about $1 million in another South Elm building — should be announced soon, said Ed Wolverton, president and CEO of Downtown Greensboro Inc. It will include commercial and residential space.

The projects come as welcome news as larger downtown developments, including the rehab of the Southeastern Building on North Elm, have been stalled because of a tight credit market.

“It is a very unpredictable time that is uncharted for experienced developers and new developers,” Wolverton said. “It may be a sign that perhaps the lending market is thawing but it is a little too early to say that just yet.”

The newest project will be housed in the former Miller Furniture Co. building at 316 S. Elm and will include a restaurant operated by the owners of 6th and Vine Wine Bar and Cafe in Winston-Salem.

“My building just fits their theme,” said Quinn Miller, who closed his furniture business in 2007. “They just go together ... like peanut butter and jelly.”

The restaurant, which may not open until 2010, will probably be called Elm and Vine Wine Bar and Cafe.

“It’s going to be similar (to) 6th and Vine,” said Chris Barnes, co-owner of the Winston-Salem restaurant with his wife, Kathleen. “I feel we have a very strong concept. It appeals to the everyday consumer.”

The restaurant, which will seat 150 and have a Mediterranean influence, will be open seven days a week for lunch, dinner and Sunday brunch. It will have a bar and couch area connected to a dining area and wine shop.

Lunch prices will run from $7.50 to $12; dinner entrees will cost between $15 and $26.

Barnes said he and his wife, who also own NOMA Urban Bar and Grill in Winston-Salem, have been planning the Greensboro restaurant for more than two years.

“We like the downtown concept,” Barnes said. “We like taking old buildings and revitalizing them. We call it rustic chic. It’s very much like wine country. Lots of wooden wine barrels and wine racks. It’s very casual.”

The apartments will occupy the building’s top three floors, have an entrance from South Elm and be called Miller Lofts.

The one- and two-bedroom units will have high ceilings and wooden floors, contain 600 to 1,000 square feet of space and rent for $700 to $1,150.

“We are very excited about Quinn’s project,” Wolverton said. “This is a building that up until a few years ago had been a furniture store. It is undergoing a tremendous metamorphosis.”

Miller, who is awaiting final permits, doesn’t know when work will begin.

He said he talked to at least half a dozen banks before he could get a loan. “This is what a lot of folks are running into downtown,” Miller said. “They have good projects and good credit. It’s just a matter of finding the right bank.”

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