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Numbers increase for project downtown


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GREENSBORO — The numbers keep growing. And so do the possibilities.
The latest investment projections for a proposed, as yet unidentified, megaproject downtown could now top $200 million.

"That’s around the limit to where (the developers) want to go," said Ray Gibbs, who stepped down Friday as president of Downtown Greensboro Inc. "I don’t think it would (go up)."

Previous reports had indicated the multibuilding complex — which could employ up to 400 people — could range between $50 million and
$150 million.

The project, which could be the largest ever downtown, could include restaurants and entertainment venues; residential, office and retail space; and a high-rise hotel.

"It’s just some options that we are looking at now that we weren’t looking at before," Gibbs said of the increased investment. "And there has been some interest from some additional (developers) to help grow it."

Gibbs said a preferred site has emerged from four under consideration, but he would not identify it.

He said plans have progressed to the point that offers to purchase will be sent out in the next week to 10 days.

"An offer to purchase certainly adds a layer of credibility," said Bruce Cantrell, a downtown architect and a member of the DGI board of directors, who stressed he could not confirm any details about the project. "If that’s the case, it is moving faster than I anticipated. That’s great news."

As the project has progressed, additional details have emerged:
l Depending on the site and the amount of investment, the project could range from three buildings to seven. No square footage estimates have been determined.

* The luxury hotel could have between 300 and 600 rooms.

* The entertainment venues, and there might be several, could hold between 500 and 2,500 people. The complex would have multiple restaurants.

* The residential units could number between 150 and 250 and include a combination of rental units and luxury condos.

* There could be more commercial and office space than originally envisioned, but Gibbs could not provide specifics numbers.

* Other possibilities, including an IMAX theater, have been discussed.
"It’s neither in nor out," Gibbs said of the gigantic-screen theater.
"Because we are in such a conceptual basis, we have discussed all types of potential uses."

But at least one possibility has been eliminated. That’s space for a sports museum called the Atlantic Coast Conference Hall of Champions.

"I just thought (the museum) needed to be downtown, and they agreed," Gibbs said of his conversations with the developers. "That’s the closest it ever came to being in the mix."

Gibbs said he has been working primarily with two developers, one local and one from out of state, but he added that an unknown number of others from outside the area also are involved.

"How many investors there are, I have no idea," Gibbs said. "And I probably never will know."

To date, the project has generated a high level of skepticism.

"That’s because it’s such a big project," said Richard Beard, a partner with the commercial real estate firm Simpson, Schulman & Beard, who compared the complex with Roy Carroll’s $37 million rehab of the former Wachovia Tower on North Elm Street. "It’s Roy Carroll times five, times six.

"That’s a lot of something. What that something is, a lot of people are interested in finding out."

Gibbs said he understands the skepticism. He felt the same way in the beginning.

"I have known the project has been real for a while," Gibbs said. "It still may not happen, but (an offer to buy) shows these people aren’t out there just trying to jerk everybody around. It shows that they are serious about making this happen."

Gibbs said the developers could make offers on more than one parcel. He could not say what the land might cost.

Offers to purchase, also known as letters of intent, are nonbinding and are not contracts. But they lay out the terms for acquiring land and set the stage for a contract to be drafted.

Once a contract is completed and signed, a buyer would begin what is called his due diligence. That would include matters such a land surveys, soil borings, environmental analysis, site planning and market analysis.
Once those steps are completed and if everything is favorable, then the buyer would purchase the land.

Sites under consideration include the former Bellemeade Village property north of First Horizon Park; the county-owned Guilford Center at 201 N. Eugene St.; the Weaver Foundation property at North Church Street and Friendly Avenue, plus property across Friendly that is owned by the city of Greensboro and Lincoln National Corp.; and the southern portion of the News & Record's property on Washington Street that includes employee parking.

Gibbs said he expects something to happen quickly.

"It either happens in the next couple of months, or it isn’t going to happen," he said. "Either we put the parcels in play in the next 60 days, or the investment dollars are likely going somewhere else."

Gibbs said he hopes his departure from DGI will not hurt the project. He’ll soon go to work for a private company as a landscape architect and project manager.

He said he will be available to work with DGI as a consultant.

"I’m not completely walking away," Gibbs said. "I will probably be in the office Monday doing something on this project. I will probably never have a chance in my career to be involved in something this big again."

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Greensboro, North Carolina