Bridget Chisholm and Co. have submitted another plan for a downtown luxury hotel that would be financed mostly from federal recovery zone bonds:
The developers, Urban Hotel Group and Elm Street Center, LLC, say they have a signed letter of intent with Wyndham Hotel Management Inc. to become the flag designation and manager of the hotel. Wyndam Hotels and Resorts is an international hotel company and title sponsor of the PGA’s Wyndham Championship, held in Greensboro.
The proposed hotel would be located on the corner of South Elm Street and February One Place, across from the International Civil Rights Center and Museum. It would be 10 stories and 180 rooms, scaled back from the original 200 room plan. The new plan’s proposed budget is $38 million, including the $26 million in recovery zone bond financing, $8 million in new markets tax credits equity and the balance from owner equity, which would be a combination of cash, land contribution and a deferred developer fee.
So far what’s missing—both in the N&R story and the Biz Journal story— is the involvement of the Ole Asheboro neighborhood, which is what raised serious questions about the project the first time around.
