Constructed in 1902, the Elwood Hotel was the grandest hotel in High Point. J. Elwood Cox was its owner and namesake. It advertised sixty rooms and a bath on each floor, with some rooms having a private bath, and said the rooms were furnished with handsome brass and iron beds and imported rugs. The lower floors housed many smaller companies such as Mann Drug. In 1966, it was acquired and demolished for redevelopment. In 1989, the property was purchased by the Earl N. Phillips, Jr. Family.