Officials in Fayetteville have disclosed terms for a master development agreement that, if approved, would map out plans for the amenities surrounding the city’s future ballpark.
Fayetteville has been engaged in negotiations with Prince Charles Holdings, LLC, the firm that is expected to be tasked with some key development projects surrounding the new facility. Along with renovating the Prince Charles Hotel, Prince Charles Holdings will be involved in the development of several amenities, including a parking garage as well as a hotel.
Final completion of the agreement awaits, but terms unveiled during a meeting on Monday outline some key components in the proposal. The city would pay Prince Charles Holdings $2.5 million for the two parcels of land that the ballpark will occupy, while the company will in turn pay the city $2.5 million for the land for the parking garage and hotel. The deal also calls on Prince Charles to purchase an office building on Ray Ave for $4.45 million, allowing the city to retire the building’s roughly $4 million mortgage, and an additional $25,000 for a five-year option to buy an adjacent parcel.
Officials from both the city and Prince Charles holdings sounded comfortable with the terms. More from The Fayetteville Observer:
“Most of us got briefed on the specific terms, one on one, and I think most of the council had agreed that it looked doable and suitable to move the project forward,” Mayor Nat Robertson told a reporter afterward.
Prince Charles Holdings also plans to renovate the adjoining Prince Charles Hotel into apartments. That renovation, the new hotel and new apartments attached to the stadium will total about $55 million in private investment, according to Jordan Jones, the Prince Charles Hotel project manager.
“We are excited about the progress we continue to make with the city of Fayetteville on our public-private partnership that will drive economic development, spur additional redevelopment of downtown and continue to increase quality of life,” Jordan said after the meeting.
Still to be worked out is how the city and the company would jointly pay for the parking deck envisioned for the baseball site.
The next step is for the terms to be presented, and potentially voted on, during a public meeting on March 27. Officials are hoping to start construction this summer on the ballpark, which is slated to host the current Buies Creek Astros (High A; Carolina League) beginning in 2019.
RELATED STORIES: Fayetteville, Developer Continue Negotiations; Fayetteville Moves Forward with Ballpark Contractor Selection; Barton Malow Co. Vying for Fayetteville Ballpark Contract; Fayetteville Reissues Ballpark Construction RFQ; Fayetteville Developers Request More Time; Additional Fayetteville Ballpark Renderings Released; Fayetteville Ballpark Design Continues; Fayetteville, Astros Sign 30-year Ballpark Lease; Fayetteville Lease Could be Finalized in December; Fayetteville, Astros Making Progress on Lease; Fayetteville Selects Ballpark Layout; Fayetteville Releases Ballpark Renderings; Astros, Fayetteville Discuss Temporary Ballparks; Fayetteville Could Begin Ballpark Construction Next Summer; Details Released on Fayetteville Ballpark; County Approves Contribution to Fayetteville Ballpark; Fayetteville Ballpark Financing Plan Approved; Funding Details Emerge in Fayetteville;Fayetteville Holds Off on Unveiling Funding Model; Fayetteville Moves Forward with Astros MiLB Ballpark; Terms Leaked for New Fayetteville Ballpark Lease;Vote on New Fayetteville Ballpark Set for Wednesday; $35 Million for Fayetteville Ballpark;Fayetteville Making Progress on MOU; Fayetteville Officials Visiting Columbia; Freier to Represent Fayetteville in New Ballpark Talks; Next Step for New Fayetteville Ballpark: Crunching the Numbers; Decision for Fayetteville: How Much to Spend on New Ballpark; Fayetteville, Astros On Path to Discuss New Ballpark; Study: MiLB, Carolina League Feasible in Fayetteville; Fayetteville MiLB Ballpark Site Pitched; Astros, Rangers Exploring Carolina League Teams; Fayetteville makes it official: Downtown ballpark proposed;Fayetteville/MiLB match surfaces again; Cal/Carolina League shift back in play?