I remember when these were being sold years ago, it just did not seem like a good arrangement. It appears all of the owners and mortgage holders for the units were scammed. This was not just a pre-recession failed condo conversion, there was a unit sold in 2011.

http://www.indyweek.com/indyweek/residents-at-the-velvet-cloak-rise-up-against-property-owners-in-legal-fight-that-has-ramifications-for-north-carolina/Content?oid=4216555

8/8/2014 9:14:23 PM

tl;dr

8/9/2014 5:56:38 AM

crazy story

8/9/2014 7:39:00 AM

Someone asked me and I could not quite figure it out. Was there even kitchen space in these "condos" or was it still hotel rooms.

8/9/2014 7:27:34 PM

I remember driving past there some years back (2007-2008?) and seeing a bunch of people removing or putting in mattresses and thinking it was about to be renovated into a high dollar indie hotel.

8/9/2014 9:42:37 PM

The rooms were going to be renovated into studio apartments. So kitchens, or at least kitchenettes, were promised. Not sure to what degree those materialized in the ones that were sold.

8/10/2014 2:39:09 PM

Quote :

" This is the same David Smoot who pretty much destroyed Hillsborough Square back in the 70's with permit issues, rules violations and finally, closings."

8/10/2014 4:51:00 PM

I know some people who stayed there thinking it was a hotel, but the person at the front desk took their money and took them to a room that hadn't been cleaned in a while, and didn't give them a key. they still stayed the night...

8/10/2014 6:25:50 PM

I wonder if anyone could just hang out in the lobby and take money.

Like "uh yeah, uh I work here, actually I am the night manager and the credit card machine is broken" "thanks, let me show you to your unlocked room".

8/10/2014 6:36:17 PM

That's a crazy story
Wow .... The velvet cloak was a snazzy place even while I was at state

8/11/2014 9:24:13 AM

I partied there once years ago, and the room/suite I saw was nice, but I think that was probably getting towards the beginning of its downfall.

8/11/2014 10:17:13 AM

Quote :

"Norman, an affable and genteel Southerner, says he tried to be neighborly. "When I moved in, I thought, 'This is where I'm living, this will be my family.' I even baked the Smoots a peach pie. I was trying to accommodate the assholes to be honest with you,""

gold.

8/15/2014 1:23:15 PM

Quote :

"AFFABLE GENTEEL SOUTHERNER"

8/15/2014 2:46:34 PM

these places still pop up on craigslist from time to time.

8/15/2014 2:53:23 PM

His unit must have had an oven if he baked the Smoots a peach pie.

8/15/2014 2:57:29 PM