What’s Happening with Greensboro’s Big Three Developers: Kotis, Carroll, and Zimmerman
Downtown Greensborro, NC, has been undergoing a transformation over the past decade, driven by visionary developers like Marty Kotis, Roy Carroll, and Andy Zimmerman. These three have played pivotal roles in reshaping the city’s core, bringing new life to neglected areas with ambitious projects ranging from mixed-use developments to historic renovations. Let’s dive into what these developers have been up to recently and how their work continues to impact Greensboro’s urban landscape.
Marty Kotis: Quirky Developments and a Focus on Connectivity
Marty Kotis, known for his creative flair and knack for turning overlooked properties into vibrant destinations, has been busy with several projects aimed at enhancing Greensboro’s cultural and entertainment scene. One of his more recent ventures, announced back in 2020, involves a 1.8-acre plot under the Eugene Street bridge near downtown. Kotis envisioned this space as a quirky destination with food trucks, live music, and a transportation theme, possibly featuring an elevated aircraft cargo truck platform for bands. He’s targeting millennials with this project, noting their love for “random stuff” and exploration, though there’s no recent update on whether this project has broken ground as of 2025.
Kotis has also been working on connecting UNC Greensboro (UNCG) with downtown through his properties along Gate City Boulevard. In 2019, he shared plans for an arts and events district called “Tracks,” where he opened a high-end cocktail bar, Dram & Draught, and aimed to attract more private investment. His efforts complement broader initiatives to revitalize Gate City Boulevard, a key entryway to the city, which has seen half a billion dollars in investments from local universities and developers. Additionally, Kotis has properties across Greensboro, including his well-known Midtown area along Battleground Avenue, where he’s added murals to buildings like RED Cinemas and Pig Pounder Brewery, aiming to make Greensboro a top street-art destination in the U.S.
Kotis’ influence extends beyond Greensboro—he’s been involved in projects in Eden, Rockingham, Wake, and Lee counties, as well as Myrtle Beach, SC. His company, Kotis Properties, remains the largest restaurant developer in the Southeast, with nearly 300 restaurants under its belt. His focus on quality and long-term value, often opting for durable designs like brick buildings over cheaper alternatives, continues to define his approach.
Roy Carroll: Mega Projects and a Growing Empire
Roy Carroll, Greensboro’s billionaire developer and the city’s richest resident, has been making headlines with massive mixed-use developments that are reshaping downtown’s skyline. In August 2024, Carroll announced “Carroll at Parkside,” a $140 million project at the intersection of Eugene and Bellemeade streets. This development includes a nine-story AC Marriott hotel with 159 rooms, a rooftop restaurant called “The Bristol,” 16,000 square feet of retail space, 337 apartment units, and 4,500 square feet of event space. The project aims to address gaps in downtown’s offerings, such as Monday night dining options and weekend brunch experiences, with an ambitious timeline of 24 to 30 months for completion.
Carroll’s earlier projects in the same area, like the Hyatt Place Greensboro Downtown and Carroll at Bellemeade Apartments, have already established him as a dominant force in the northern end of downtown. In 2019, he announced another significant development, “Carroll South of the Ballpark,” also at Bellemeade and Eugene, featuring a 150-room Aloft Hotel, 280 luxury apartments, and a second office building. This project, also valued at $140 million, was set to double his hotel rooms and apartments in the area, further solidifying his influence near First National Bank Field.
Beyond downtown, Carroll’s company, The Carroll Companies, has expanded its footprint with a $210 million multi-family community on Fleming Road, announced in September 2024. This development will feature over 750 apartments and townhomes, addressing Greensboro’s growing demand for rental housing. Carroll’s portfolio also includes industrial land, self-storage facilities, and hotels, with a total valuation exceeding $5 billion. His strategy of buying low, rarely selling, and maintaining low debt levels—around 40%—has allowed him to move quickly on opportunities, a tactic that has earned him comparisons to Warren Buffett in real estate circles.
However, Carroll’s approach hasn’t been without criticism. Some locals have expressed frustration over his aggressive expansion, including reports of him demolishing historic homes and allegedly pressuring landowners in Stokes and Rockingham counties to sell by having their properties condemned for a large horse complex. These actions have sparked debate about his impact on Greensboro’s character and community.
Andy Zimmerman: Preserving History While Building Community
Andy Zimmerman, through his company AZ Development, has carved out a niche as a preservationist and innovator in downtown Greensboro. His mission is simple: “We take old buildings and fix them up.” Zimmerman focuses on transforming forgotten structures into vibrant hubs for creativity, dining, and commerce, often preserving their historical integrity. In 2023, he expanded his holdings by purchasing the Old Greensborough Gateway Center at 620 S. Elm St., a former Blue Bell Overall Co. factory built in 1919. Zimmerman plans to restore its original historic look while honoring existing tenants, many of whom are on short-term leases. He’s also working to have the building included in the city’s downtown historic district.
Zimmerman’s earlier projects along Lewis Street have already made a significant impact. He owns buildings housing South End Brewery, Greensboro Distillery, and The Forge, a makerspace that supports entrepreneurs by providing access to expensive equipment like 3-D printers. In 2015, he bought the notorious Lotus Lounge property in The Railyard district, which had been the site of two fatal shootings, and turned it into a retail, restaurant, and music venue, aiming to bring positive change to the area. His development of HQ Greensboro, a for-profit collaborative office space, has also fostered a community for business professionals.
Zimmerman’s work extends to supporting broader downtown revitalization efforts. He’s been vocal about the need for better connectivity between downtown and local universities like UNCG and N.C. A&T, seeing projects like the United House of Prayer’s “Downtown East” development as opportunities to bridge these gaps. His focus on preserving the 200 to 600 blocks of South Elm Street ensures that Greensboro retains its historic charm while adapting to modern needs.
The Bigger Picture: Greensboro’s Downtown Renaissance
Together, Kotis, Carroll, and Zimmerman are part of a broader “back to basics” economic development strategy that has fueled a renaissance in downtown Greensboro. Their projects have contributed to over $260 million in construction activity, from hotels and apartments to retail and office spaces. The northern end of downtown, where Carroll’s developments dominate, is expanding the city’s footprint, while Kotis’ and Zimmerman’s efforts near South Elm and Lewis Street create pedestrian-friendly, community-driven spaces.
However, challenges remain. The influx of new hotels—like Carroll’s AC Marriott and Aloft, alongside others like the Hampton Inn and Westin—has raised questions about market saturation. Parking and traffic congestion are ongoing concerns, with developers like Kotis advocating for strategic use of surface lots for events rather than overdevelopment. Additionally, the balance between growth and preservation is a delicate one, as seen in Zimmerman’s commitment to historic integrity and the criticisms of Carroll’s demolition of historic properties.
Conclusion
Marty Kotis, Roy Carroll, and Andy Zimmerman are shaping downtown Greensboro in distinct but complementary ways. Kotis brings creativity and connectivity, Carroll drives large-scale growth with a billionaire’s ambition, and Zimmerman blends preservation with innovation. Their combined efforts are transforming Greensboro into a more vibrant, connected city, though not without controversy. As these developers continue to invest in the area, residents and visitors alike will feel the impact of their vision for years to come. Keep an eye on downtown Greensboro—it’s a city on the move, and these three are leading the charge.
