Fayetteville officials and the Prince Charles Holdings, LLC are continuing to discuss the particulars of a development plan relating to the city’s forthcoming ballpark.
The negotiations come as both sides attempt to iron out the details of a master development plan that will bring new amenities to downtown Fayetteville. The new ballpark for the current Buies Creek Astros (High A; Carolina League) is set to be constructed behind the Prince Charles Hotel, which Prince Charles Holdings would be responsible for renovating into apartments, while also overseeing the development of lodging and additional housing.
Some of the details that are expected to be included in the master development plan will cover the language behind a proposed parcel swap, and lead to a funding model for a new parking deck. Following a meeting on Wednesday, officials said that they believe an agreement will be reached. More from The Fayetteville Observer:
After the meeting, Councilman Larry Wright, who is on the committee, described the negotiations as “excellent.”
Wright said he didn’t really have any worries.
“I think it’s just, you know, in any negotiation of this size, we are getting into the details,” Wright said. “This is needed. I think we are all on the same sheet of music right now.”
City officials plan to borrow about $31 million to build the stadium, and they are banking on the private investment by Prince Charles Holdings to help pay the debt off in the form of new property tax revenue.
The ballpark is currently scheduled to open for the 2019 season, and construction of the facility could begin this summer.
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