Marquee Asheville was an outstanding redevelopment in the first place, transforming a derelict industrial relic into a thriving cultural destination. And then, after Hurricane Helene brought disastrous floods to western North Carolina, its organizers and artists brought it back, better than ever.
"It exemplifies the best of adaptive reuse, resilience, cost-effective innovation, community revitalization, and economic response in Asheville’s beloved River Arts District," said Loni Miller of Dewey Property Advisors in Asheville.
The project has earned a 2026 CoStar Impact Award for redevelopment of the year, as judged by real estate professionals familiar with the market.
In 2015, Eddie Dewey, along with development partners Brent Starck and Chris Eller, began the Foundy Street revitalization, envisioning a new life for a long-vacant brownfield industrial tract that had languished since the 1960s. Their strategy, which prioritized adaptive reuse and community-centric placemaking, set the tone for Foundy Street’s transformation into one of Asheville’s most compelling creative districts.
The property was a tannery in the early 1900s. It was abandoned by the 1960s and, for the next 50 years, used by squatters, homeless people, pop-up rave partiers and graffiti artists. The area posed problems for the city until 2015, when the redevelopment team acquired the 130,000-square-foot structure on a 13-acre site
"Our team specializes in adaptive reuse with the belief that it is the greenest form of development and preserves the historic integrity of a community," Miller said of Dewey Property Advisors, or DPA, which developed, funded and curated the project. "Placemaking as an art form honors local culture and fuels economic growth that aligns with a community’s natural talents."
During the first redevelopment phase, the focus was on solidifying the 'bones' of the original structures while keeping additional infrastructure to a minimum, Miller said. Improvements included pouring new slabs, adding spray foam insulation, and completing structural work to strengthen the buildings through underpinning and new columns tied into the slabs. Bike racks and outdoor sculptures were also added to draw traffic from the greenway.
One of the most distinctive features of Foundy Street is its graffiti-covered building exteriors. Rather than fighting the graffiti culture in the area, the team embraced it as a living, breathing part of the creative community. Foundy Street is the only place in North Carolina that allows and encourages artists to graffiti the buildings. This radical approach has attracted work from world-famous artists and created a strong draw for visitors, encouraging repeat visits to see what has changed. Walking tour businesses have emerged in response to this attraction.
As Foundy Street was curated from the ground up, redeveloping each space and selecting key tenants, the team was left with a 50,000-square-foot warehouse to repurpose.
Recognizing the need for a major attractor, the team partnered with Robert and Rebecca Nicholas, entrepreneurs known for Asheville's Splurge design studio and Uncommon Market. Together, they envisioned a European-style indoor marketplace that blended antiques, art, jewelry and furniture under one roof. Marquee Asheville was born. The team supported the launch by structuring the initial lease as a percentage deal for the first two years of operation.
Buncombe County’s creative economy generates $1 billion in annual sales and supports nearly 8,500 jobs. At DPA, many creatives get help with leasing space. The marketplace has more favorable splits than many galleries, so vendors can focus on creating work rather than managing sales. This approach benefits both artists and the broader community.
Marquee Asheville opened in December 2021 with over 120 vendor stalls and quickly became one of the region’s most popular destinations and also serves as a community gathering space for events, celebrations and fundraisers, weaving itself into Asheville’s social and cultural fabric.
In late September 2024, Hurricane Helene brought catastrophic flooding to Asheville’s River Arts District as the French Broad River rose to record levels. Marquee took on 18 feet of water overnight, and Foundy Street was destroyed.
The devastation was both physical and emotional. Artists lost irreplaceable work, vendors saw their livelihoods washed away, and news coverage frequently showcased the destruction of the River Arts District. Despite these setbacks, vendors and the broader community urged the team to rebuild. The decision to move forward reflected the desire to demonstrate collective resilience among Asheville's developers, small businesses and artists.
Inspired by post-disaster revitalizations elsewhere, the Foundy Street team committed to restoring Marquee first, recognizing that its reopening could quickly provide more than 300 creatives with a place to sell their work again.
The redevelopment included raising exterior walls above previous flood levels to achieve moderate flood resiliency, installing wash-away glass to allow water flow without causing catastrophic structural damage, constructing floodgates and 4-foot flood-proof concrete perimeter walls, enhancing mechanical systems for faster recovery, and keeping HVAC and electrical systems mounted well above potential flood levels. The layout of Marquee was reworked to incorporate additional artist booths, increasing revenue potential, and responsive design elements such as moveable walls were added to allow flexible displays and accommodate large events.
These improvements were completed in less than a year using private funding from the ownership group. Marquee reopened during the anniversary weekend of Hurricane Helene with an unprecedented community celebration that attracted more than 8,000 visitors and signaled renewed hope and renewal in Asheville’s River Arts District.
About the project: The development team was led by Foundy Partners LLC and included Eddie Dewey of Dewey Property Advisors, Brent Starck and Chris Eller of Civil Design Concepts, project architect Brent Campbell BCA, PLLC and Property Manager Wes Reinhardt of Altamus Property Management.
At the reopening, Marquee launched with 320 vendor spaces, nearly tripling its prior capacity, and immediately recorded the highest quarter of sales in its history.
Marquee Asheville was born out of COVID and reborn out of the flood. This project did more than revive a physical structure twice; it rekindled community identity, provided stability for creatives and strengthened Asheville’s reputation as a vibrant destination for cultural tourism. Marquee Asheville stands as a model of redevelopment impact, community and resilience.
What the judges said: "This is a great redevelopment story post-storm, Helene. Proud to see this property redeveloped and the great artists now have a bigger and better place to exhibit their art. This was much needed for an area that was heavily damaged by the storm,” said Rusty Pulliam, CEO, Pulliam Properties. "The commitment of the property owner and tenant are crucial as an anchor to the River Arts District and its return after the damage of Hurricane Helene," said Austin Walker, broker, with Whitney Commercial Real Estate Services. “This development has been a leader in the River Arts community and in an area heavily impacted by Helene. This group worked quickly to get the artists back into the building and re-open, which was a real help to our local economy," noted Austin Tyler, a senior broker with Dewey Property Advisors.
They made it happen: Eddie Dewey, founder and president, Dewey Property Advisors, led the development. Brent Starck and Chris Eller of Civil Design Concepts did the engineering. Brent Campbell of BCA was the architect, and Wes Reinhardt of Altamus Property Management was the property manager.