Former RJ Reynolds-era department store to become 54-unit mixed-income residential community with ground-floor commercial space

CHARLOTTE, N.C., Sept. 15, 2026 /PRNewswire/ — Foss & Company, a leading tax equity syndicator, today announced the closing of its investment in The Loewy, the adaptive reuse of a historic department store building in downtown Winston-Salem, NC. The project is being developed by High Tide Capital.

Located on 4th Street in the heart of downtown Winston-Salem, The Loewy occupies a building originally commissioned by the RJ Reynolds family and constructed in 1929. Once home to a department store, the building will be transformed into a 54-unit residential community.

Upon completion, the property will offer 11,145 square feet of ground-floor commercial space along with a range of amenities, including a fitness center, resident lounge, billiards room, bike storage, and tenant storage. The redevelopment preserves the architectural character of one of downtown Winston-Salem’s most storied buildings while introducing new housing and commercial vitality to the corridor.

The project is expected to generate approximately $3.4 million in Federal Historic Tax Credits and $3.1 million in North Carolina State Historic Tax Credits.

“The Loewy is a great example of how historic tax credits can bring meaningful new life to a building with deep community roots,” said Eric Brubaker, Partner & Managing Director at Foss & Company. “This building has been part of Winston-Salem’s story for nearly a century, and we’re proud to help take part in its next chapter. We’re grateful to partner with High Tide Capital on a project that not only preserves an important piece of the city’s history, but also delivers much-needed housing, including affordable units, to the downtown core.”

“The Loewy represents a cherished art-deco architectural gem that will sit at the center of High Tide’s Carolinas portfolio. Bringing The Loewy back to life took a true partnership, and we’re grateful to everyone who made it real, Foss & Company for their tax equity commitment, Carter Bank & Trust for their confidence as our lender, and the architects, contractors, consultants, and Winston-Salem’s City leadership who worked alongside us to get this project across the finish line,” said Dash Davidson, Principal at High Tide Capital. “High Tide specializes in Historic Tax Credit redevelopment, and there is nothing more rewarding than seeing a landmark like this one earn its next chapter. We look forward to completing another great project here.”

About Foss & Company

Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that, since its inception, has deployed over $11 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy, and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping its partners navigate the world of tax equity investments. For more information about Foss & Company, please visit www.FossandCo.com.

About High Tide Capital
High Tide Capital specializes in the adaptive reuse Historic buildings. The firm has assembled a portfolio of 17 historic redevelopment projects representing more than $100 million in total project value, and a portfolio of 500 units across the Country. High Tide focuses on office-to-residential and mixed-use conversions in downtown corridors anchored by education, healthcare, and advanced manufacturing employment, delivering new housing at below replacement cost while preserving the architectural character of the buildings and communities it invests in. For more information about High Tide Capital, please visit www.hightidecapital.com.

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SOURCE Foss & Company