Formed in 2017, a charitable, non-profit corporation, Cool Spring Downtown District, works to position Fayetteville as a vibrant center of artistic, cultural, civic, and commercial activity. The District is excited to announce new investments aimed at improving the quality of life for residents and the attractiveness of downtown Fayetteville. In FY22, the District announced 225,000 GSF of residential construction, representing $70,000,000 in new private investment for downtown Fayetteville. Since 2017, the district celebrates 795,000 GSF of new and adaptive reuse construction. The annual "State of the District" report can be found here: https://issuu.com/coolspringdowntowndistrict/docs/state_of_the_district_2021
RAJJ Investments: 20 new condos, or 50,000 GSF, of new residential development. Total Investment: $5,000,000. The project is underway along Adams Street, and phase one is expected to start in May 2022.
The Ammons Group: 9,000 GSF of new mixed-used development along Donaldson Street. Total Investment: Not Disclosed. The project is underway and expected to be complete by the end of the year.
Prince Charles Holdings: 212 residential units, or 167,000 GSF, of new construction above the Hay Street Parking Garage. Total Investment: $67,000,000. The project is expected to begin in the fall of 2022.
Center City Gallery and Books: Purchased the adjoining building and will soon be doubling their bookstore and gallery's footprint. Construction is currently underway.
Bianca Shoneman, CEO of the Cool Spring Downtown District, shares, “New residential development makes downtown vibrant and grows the market for commercial uses, enhancing the city's overall fiscal health and tax base due to the higher tax revenues generated. Residential real estate is important from a non-economic perspective, as well as shaping and defining the character of downtown and providing an opportunity to accommodate a wide variety of demographics and residential types which might not be welcome or appropriate in more traditional, single-family neighborhoods.”
In addition to announcing 232 new residential units, the District celebrates 23 new street-level businesses, with several more in the pipeline for the next quarter. Businesses that recently opened include the following:
Fraulein Pottery: Opened in the heart of Fayetteville on 127 Person Street. The business not only sells handcrafted ceramic ware but has a focus on pottery classes and events giving everyone an opportunity to experience working with clay themselves. Learn more: https://www.frauleinpottery.com/
Pan - Sandwiches & Deli is opened to the former Downtown Deli location at 105 Hay Street. Acclaimed chef and owner of Napkins Restaurant, Brian Graybill, has brought curated lunch options to the urban core. Fantastic sandwiches, panini, salads, and more using fresh and locally sourced ingredients! Learn more: https://www.facebook.com/panfaync/
The Cool Spring Downtown District is supported by generous funding from the City of Fayetteville and the Arts Council of Fayetteville/Cumberland County. While the District focuses on the economics of downtown, it also continues to produce enticing events, entertainment options, and cultural opportunities to benefit residents and business owners across the Sandhills region. If you are a business owner looking to expand or establish a business, we hope you will view our beautiful downtown district as a viable investment opportunity.
We also invite residents to take a ride on our free trolley on Friday and Saturday nights to explore what downtown has to offer and to support the local community. For more information about trolley reservations and downtown investment opportunities, please email Bianca Shoneman at Bianca@CoolSpringFay.org.
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