At the June 1980 Swiss Bear Board meeting, Ella Bengel, Swiss Bear Board member and Alderman, stated she felt Swiss Bear should seek a tenant for the vacant Belk Building and a developer to construct a marina on the urban renewal property on the Trent River waterfront known as Bicentennial Park. Although immediate action was taken, Swiss Bear monitored investor activity of those interested in leasing or buying the building.
The following year, Swiss Bear was spurred into action when the Board learned a company from another city planned to purchase the building for use as an adult entertainment center. At the February 1981 Board meeting, Charles Blythe’s motion to pursue purchasing the building, passed unanimously and with the support of four local banks, Swiss Bear acquired the property. Belk donated their half of the building and Swiss Bear purchased the adjacent portion from the Coplon family at a bargain sale for $150,000. The banks allowed Swiss Bear to pay on the loan, interest only, until the building was sold.
By December of 1983, Swiss Bear had $131,000 invested in the building. Although it had been shown a number of times, no real interest was generated until Swiss Bear took a new approach with the syndication method of financing. The banks increased the line of credit so an architectural survey, an analysis and other studies could be undertaken. In 1984, five local businessmen, Lonnie Pridgen, Jr., Tom Karem, Gordon Parrot, Chick Askew and Joe Alcoke created the O. Marks Partnership and purchased the building for $150,000.
The original goal was to develop the building into a first-floor retail mall and offices on the upper floors. The major $2.2 million extensive renovation restored most of the original exterior and interior. O. Marks Mall opened in 1986 with eight specialty retail shops and offices on the upper floors. Even though downtown was gradually beginning to turn around, the pedestrian traffic necessary to support the shops led to all but one closing within several years. Recruiting businesses to lease the empty spaces was very challenging, however community support for the project led to leases with the New Bern Chamber of Commerce, Neuse River Council of Governments, Swiss Bear, Weyerhaeuser and other local businesses that relocated into the building.
When the U.S. Postal Service made the decision to move out of the Federal Building (corner of Middle and New Street) to their new facility on Glenburnie Road, the downtown business owners lobbied for a downtown post office branch which was opened in the O. Marks Building. Currently the mix of businesses on the first floor includes several retail shops, a sandwich shop, offices, the post office and offices on the upper floors.
The rehabilitation of this building by the O. Marks Partnership who faced financial challenges, was key to moving the revitalization effort forward. This significant structure, a downtown anchor building, is an example of how private investment was critical to downtown’s recovery.
We commend the men who formed the O. Marks Partnership for their commitment to this key project and downtown’s recovery.
Susan Moffat Thomas
