Merger of three realty companies of the city, operated for some years past by F.C. Abbott, has been announced, and will be known as the Abbott Realty Company, according to an announcement Saturday afternoon. The three companies being combined are the Central Reality Company, the Mecklenburg Farms Company and the Suburban Realty Company.
Elimination of much overhead expense, the keeping of one, instead of three separate sets of books, and the avoidance of separate license taxes for city, State and Federal governments are the reasons behind the merger, it was stated in the announcement. Mr. Abbott, who will be head of the new consolidated company is president of the new Charlotte Real Estate Board.
The Central Realty Company was formed in 1911 by W.S. Lee, F.C. Abbott and the late Z.V. Taylor. It built the Buick and Overland buildings, the “Armory” building near the Stonewall hotel, and remodeled the building from the Mull Motor Company. The company owns a 500-foot front lot on the Seaboard Air Line Railway opposite Chadwick-Hoskins, which will be turned over to the new company.
The Mecklenburg Farms Company was formed in 1910 by F.C. Abbott, C.B. Bryant and Judge William F. Harding, and has under development abut 100 acres of land adjoining Myers Park and the new Myers Park Club grounds. This will also be turned over to the new company.
The Suburban Realty Company was organized in 1906. It is the largest of the three companies and developed, to a large extent, the Piedmont Park section of the city; also the Hillcrest area, and now has valuable holdings on Colonial Heights and in Wilmoore, which is undergoing development. Special attention is to be given to the development of the Wilmoore property of the new company. Some of its stockholders are F.C. Abbott, C.B. Bryant, Judge W.F. Harding, C.C. Hook, P.S. Gilchrist, J.T. Jennings, James W. Pharr, George Collins, and the estate of the late George Watts of Durham.
From The Charlotte News, Sunday morning, July 3, 1921
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