Introducing a remarkable investment opportunity: the old Cannon Memorial Hospital including 50.92 prime acres located in Banner Elk, just moments away from Lees-McRae College, the Elk River, the town park, and a host of amenities including hiking/mountain bike trails, shopping, and great restaurants. This expansive tract boasts approval for multifamily (R-2) development, while the front two acres are already zoned for general business (C-2). Offering breathtaking views of the Mill Pond and Elk River, as well as captivating long-range vistas, this property presents an idyllic setting for those seeking privacy without compromising convenience. With multiple building sites, stunning views, endless investment opportunities, and an unbeatable location amidst the heart of Banner Elk, this is an unparalleled chance to create a unique, in-town community. Don't miss out on this extraordinary opportunity!