I freely admit I confused the H. Blount Hunter study with the HRA Advisors study in this morning’s post on development in downtown Greensboro. But geez, how many consultants’ reports does the city need? (Silly question.)
I’ll stick with the HRA report, since I’ve had a chance to read it myself via the Rhino’s link. It’s basically the makeover of Church Street into a Cultural District, with a “recommended public capital investment of approximately $14 million over 10 years.” Two projects are particularly fascinating. The first is the would-be creation of a “cultural anchor” at the N&R parking lot site, with “cultural anchor” being defined as an art gallery, a science/ technology museum, or a performing art, film or IMAX theater.
The report says the market value of the 3.6 acre site is $2.92 million, but a stronger condo market, aprofitable cultural use or public subsidy could bring as much as $5.8 million. The study gave the project a $$$ rating when describing cost to the public sector.
More problematic is the preparation of the Greensboro Transit Facility site for development. It’s a critical site according to the the report, but the private sector could be scared away by the presence of underground gas plant towers. “Public costs” are identified as $438,000 for demolition and legal costs, while “private costs” are estimated to be between $1.9 million and $2.3 million for a Lyndon Street extension (for which the city might have to bear costs) and a vapor intrusion prevention system (for which the city might offer funding). All that included, the project received only a $$ rating.
It’s also important to remember the redevelopment of the site depends on the city securing financing for its new $20 million transporation facility. All I can say is hang on to your wallets.
Update: N&R write-up.
