NEWS RELEASE

For Immediate Release:  September 8, 2025

Contact:  David Fath, Communications Director

(704) 985-4935

dfath@albemarlenc.gov     

Albemarle Earns Innovation in Economic Development Award from ElectriCities 

The City of Albemarle has received ElectriCities of NC’s first-ever Innovation in Economic Development Award for its Downtown Catalyst Grant Program.

“The City’s Downtown Catalyst Grant Program is doing great things with public-private partnerships to revitalize downtown,” said Roy Jones, ElectriCities CEO.

Albemarle earned the award through a competitive process judged by economic development professionals from local governments across North Carolina. The Downtown Catalyst Grant Program has played a key role in supporting revitalization in downtown Albemarle.

The Heart of Local Business

The City of Albemarle serves as a dynamic economic engine in Stanly County, generating 67% of the County’s annual retail sales while accounting for just 26% of the population. At the heart of this strength lies Albemarle’s historic downtown, a district now experiencing a vibrant resurgence fueled by strategic public-private partnerships and bold, creative thinking.

Launched in 2022, the Downtown Catalyst Grant Program was created to accelerate redevelopment and stimulate economic growth in the City’s downtown municipal service district. Over the past year, the program has sparked a surge of redevelopment projects, unlocking significant private investment and elevating the vitality of downtown Albemarle.

To address the challenge of aging infrastructure and underutilized properties, the program was designed as a flexible and inclusive economic development tool. It supports both existing small businesses and entrepreneurs preparing to open new ventures. Uniquely, individuals with a solid business plan and secured financing can apply for a grant to purchase or lease a blighted or long-vacant building and immediately begin rehabilitation work.

By providing matching grants for improvements such as building stabilization, façade enhancements, and interior upgrades, the program reduces barriers to entry and accelerates downtown redevelopment.

“The size of the projects has continued to ramp up,” said Lindsey Almond, the City of Albemarle’s Economic Development Director. “When the grant was first initiated, the

projects were smaller in scale. Now, the program is helping leverage substantial private investment.”

Transformational Impacts

The program was launched through a public-private partnership between the City of Albemarle, Uwharrie Bank, and the Albemarle Downtown Development Corporation (ADDC). Together, they provided $90,000 in initial funding—$50,000 from the City and $20,000 each from Uwharrie Bank and ADDC.

“As a community bank, we understand starting and sustaining a small business is not easy, and definitely costly,” said Brooke Senter, Chief People Officer of Uwharrie Bank. “Seed capital can propel a small business forward. We were excited to learn the City was implementing the Catalyst Grant Program and honored to be a partner. These funds are important to continued progress in Albemarle’s downtown business community.”

In its first year, the program funded several impactful projects, including:

-$36,000 for equipment upgrades at Albemarle Sweet Shop

-$14,400 for roof repairs at Albemarle Printers

-$10,000 for HVAC and window upgrades at Uwharrie Hearing Doctors, LLC

The success of these initial projects and the program’s growing reputation prompted further investment, including a $10,000 ElectriCities Downtown Revitalization Grant in 2023.

Reaching New Heights

Most recently, the Catalyst Grant Program allocated another $90,000 in grants, helping leverage more than $1.5 million in private investment. Examples include:

Downtown Cantina – 114/118 W. Main Street: A $15,000 grant supported roof and window replacement as part of a $1 million investment transforming the former Moose Insurance/Uwharrie Soap buildings into a restaurant with upstairs office space.

Consigning Kids Building – 131 N. 2nd Street: A $27,500 façade grant enabled restoration of upper-floor windows and installation of transom glass. With more than $53,000 invested, this project improved a key visual corridor often featured in downtown promotional materials.

Former Sinclair Station – N. 2nd Street & Montgomery Avenue: A $15,000 grant supported the adaptive reuse of a historic gas station into an art studio and residential space, leveraging more than $400,000 in investment.

Uwharrie Brewing – 121 N. 3rd Street: Owner Colton Baker used a $35,000 grant to purchase canning equipment and quality-control instruments. This investment led to more than $100,000 in expansion costs. “Honestly, I wouldn’t have pulled the trigger on the canning operation without the grant,” Baker said. “It helped offset a major cost and opened up new wholesale opportunities, giving me confidence to expand further.”

With new fermentation tanks and a canning system capable of producing 30 cases per hour, Uwharrie Brewing can now distribute regionally while continuing to draw visitors to downtown Albemarle.

These projects highlight the program’s strong return on investment, from restoring historic properties to increasing foot traffic and economic activity downtown.

Governance and Vision

Oversight of the Catalyst Grant Program is provided by a seven-member committee chaired by a member of Albemarle City Council. The committee includes a downtown building owner, a downtown business owner, the Director of the Small Business Center at Stanly Community College, the President/CEO of the Stanly County Chamber of Commerce, the City’s Economic Development Director, and others. This diverse representation ensures balanced perspectives and strengthens the program’s foundation in collaboration.

Applications are evaluated based on alignment with downtown revitalization goals, project readiness, and potential long-term economic impact. This deliberate, strategic approach ensures that public funds are invested in projects that strengthen the economic vitality and character of downtown Albemarle.

The City of Albemarle’s Downtown Catalyst Grant Program stands as a model of innovation in economic development. By blending creativity, collaboration, and inclusivity, the program has delivered measurable results, catalyzed millions in private investment, and demonstrated Albemarle’s commitment to economic growth and downtown revitalization.