THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Sunday, July 3, 1994 TAG: 9406300228
SECTION: CAROLINA COAST PAGE: 57 EDITION: FINAL
SOURCE: BY ANNE SAITA
LENGTH: Medium: 92 lines
REAL ESTATE DEVELOPER Bill Rich has received many a compliment since opening his WaterWorks project in downtown Elizabeth City.
``They'll come out and say, `Where are we? This can't be Elizabeth City,' '' he said. ``And I think that's done more for me than anything.''
Some say Rich's WaterWorks has done more than anything recently to draw townspeople and tourists to downtown Elizabeth City. The 36,000-square-foot brick complex includes condominium homes, a retail-office complex, restaurant, outdoor deck and future waterside inn.
In May, the renovation of the once dormant and decaying buildings earned the entrepreneur Outstanding Businessman of the Year from the Elizabeth City Downtown Business Association.
``I was shocked,'' Rich said of the award. ``I had no earthly idea I was going to get it.''
While perhaps taken aback by his colleagues' token of appreciation, Rich is not as surprised at the initial success of WaterWorks, which helped earn him the honors.
Business at the South Water Street attraction next to Waterfront Park, according to Rich, has been ``fantastic.''
Retailers hanging their shingles inside WaterWorks agree.
``The response had been great,'' said Kathy Munden, owner of Shay Leslie Boutiques. The women's apparel store sells ``fashion-forward looking'' clothing and accessories ranging from $12 jewelry items to entire ensembles for up to $200.
Next to Munden's shop is the soon-to-open Carolina Espresso, run by a Seattle native who will sometimes serve his Italian sodas, granitas and gourmet coffees from on deck.
Another retailer on the first floor of WaterWorks is the Elizabeth City Milling Co., which specializes in locally made products including crafts by Watermark artisans. Watermark is a Camden-based crafts cooperative that sell its wares internationally.
Nearby Carolina Memories is a souvenir shop.
``Business has been wonderful, thanks to the people of Elizabeth City and the recommendation of Elizabeth City businesses,'' said owner Ken Harrod, who opened his store in late April.
Amaryllis Interiors, an interior design company featuring the Lexington furniture line, relocated to WaterWorks from another part of Elizabeth City.
Mary Warburton says WaterWorks' attraction is its newness and the variety of services and social events. The interior's open-air feeling is also a drawing point.
``It has a real warm and inviting feeling,'' Warburton said. ``You want to come here.''
Business for everyone picked up once Water Street Cafe opened in mid-May and quickly became a favorite local hangout.
``It's a classy place, but it's not the kind of place where you have to wear a tie every time you come,'' said Joe Sterba, the restaurant's managing partner who hails from Indiana.
Water Street Cafe seats up to 75 guests, including 18 at the indoor bar and 40 at outside tables. The eclectic menu features lunches for $5 and under and dinner entrees averaging $8 or $9. The most expensive item, lobster tail, is $12.
Like the other tenants, Sterba credits his success to local patrons who support his and other WaterWorks ventures.
Offices renting upstairs space are Margaretten Mortgage Co.; L.E. Carpenter & Associates, an accounting firm; and Northeastern North Carolina Tourism.
All these tenants are anchored by The Rich Co., one of the Albemarle's larger real estate agencies with a $15 million annual sales volume in an area with an average house sale of $85,000.
``Art'' inside the skylight-ceilinged and tile-floored common space, with stools and high tables of wood and wrought iron, are framed photos of current Rich Co. properties for sale.
Rich, 44, was born in Bethlehem, Pa., and came to Elizabeth City by way of Belhaven, N.C. After graduating from the University of North Carolina-Chapel Hill, Rich and his two brothers started The Rich Co. in Washington, the closest town of any size near their hometown.
In 1975, the Rich brothers decided to expand and sent Bill to start up the new company in Elizabeth City on U.S. 17 near Albemarle Hospital.
Rich hopes to make his newest development fun for everyone, with weekly live entertainment on the wharf and special events throughout the year.
WaterWorks is located next to the city's boat slips, which offer 48-hour complimentary docking. City parking lots, some with two-hour limits, are located throughout the downtown area. ILLUSTRATION: Staff photo by DREW C. WILSON
Developer Bill Rich's complex includes condominium homes,
retail-office space, a restaurant and a deck.
by CNB