Economy

For Reynolds, It's Out With The Old And In With The New

The Reynolds Building (center) has been part of the downtown Winston-Salem skyline since 1929. In this picture, it is flanked to the left by the brick Pepper Building (circa 1928) the contemporary One West Fourth Street (2002) and to the right by Winston Tower (1966). The building was sold to developers on Thursday, May 22, 2014. WFDD Photo by Paul Garber

The local face of Reynolds American went through some big changes last week.

First up was the announcement Thursday that its iconic former headquarters had been sold for  almost $8 million. The 22-story downtown skyscraper was built in 1929 and was once the tallest building in the state. It served as a model for New York's famous Empire State Building.

The building is expected to be developed into a boutique hotel, restaurant and upscale apartments. North Carolina Gov. Pat McCrory said he's glad a buyer was found.

McCrory made those comments during a press conference Friday announcing another major change at Reynolds. The company is adding 200 jobs and upgrading its Tobaccoville plant for manufacturing of its electronic cigarette line, called “Vuse.”

Reynolds CEO Susan Cameron said the company is working to expand its e-cigarette line as the market for traditional cigarettes continues to shrink.

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