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Commercial Real Estate
May 2, 2022

$70,000,000 in Private Investment Announced for Downtown Fayetteville

Sponsored Content provided by Bianca Shoneman - President & CEO, Cool Spring Downtown District, Inc

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 Q3 FY22, the District announced 226,000 GSF of residential construction, representing $70,000,000 in new private investment for downtown Fayetteville.

Projects Underway:

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. 

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 26 new street-level businesses, with several more in the pipeline for the next quarter. A few businesses expected to open in the near future include the following:

Pan - Sandwiches & Deli is coming to the former Downtown Deli location at 105 Hay Street. Acclaimed chef and owner of Napkins Restaurant, Brian Graybill, aims to bring curated breakfast and lunch options to the urban core. This highly anticipated restaurant is expected to open in the very near future.

Amber Edge, owner of Authentique Food Truck, is opening Fayetteville’s first-ever entirely vegan restaurant, Vibe GastroPub, at 131 Hay Street. The Vibe is expected to open in the coming weeks and will serve breakfast, lunch and dinner.

Southern Pines Brewery is currently under-construction at 123 Hay Street. This second location of the much-admired brewery expects to open by the end of the year. This will be downtown’s third brewery.

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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