Main Oak: The Next Chapter

On February 19, 2026, the bankruptcy court approved a private sale of the historic Main Oak building to local developer, Gene Rees, marking a significant milestone in a 3½-year effort to stabilize and reposition one of Downtown Mount Airy’s most visible properties.

The Main Oak building has followed a complex and winding path since July 5, 2022, when its front façade partially collapsed, prompting emergency stabilization and halting the building’s original redevelopment plans.

The property was initially purchased in August 2021 for $1.75 million, with plans to convert the front building into 12–14 short-term rental units. Interior construction began in spring 2022 before the structural failure occurred.

Since the collapse, Mount Airy Downtown, Inc. (MAD) has worked alongside City officials, state agencies, preservation experts, engineers, creditors, and the Bankruptcy Court to protect the historic structure and identify a responsible path forward.

From July 2022 through September 2023, efforts focused on stabilization and coordination, including meetings with NC Commerce to explore potential options ranging from demolition to façade reconstruction.

In spring 2024, MAD arranged site visits with state and federal preservation officials to assess the building’s structural condition, evaluate the feasibility of rebuilding the façade, and confirm eligibility for historic tax credits.

In late 2024, the project entered Chapter 11 bankruptcy proceedings, later converting to Chapter 7 liquidation. During this period, MAD continued working with the Bankruptcy Trustee and an interested local developer to reassess viable redevelopment options. This included structural engineering review, redevelopment cost estimates, preliminary architectural planning, and evaluation of alternative building uses.

The Bankruptcy Court’s approval of the private sale establishes a defined path forward under local ownership.

What Comes Next

The next steps in the process include:

• Financial closing

• Roof replacement

• Interior structural repairs

• Façade reconstruction (timeline to be determined)

• A future public presentation outlining redevelopment plans and timelines

  
  

Additional project updates will be provided as they become available.