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Economic Development
May 2, 2023

Downtown Fayetteville is Booming with Millions in Investments to Expand and Renovate a Range of Properties

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

A charitable, non-profit corporation formed in 2017, the 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 recent investments that will boost local economic development and improve quality of life for residents and visitors to downtown Fayetteville.

Since the beginning of our fiscal year, 23 new street-level businesses have opened in downtown Fayetteville. Over the past five years, our downtown core has received over $335 million in total investments and expanded commercial and residential properties by a total of 868,400 square feet.

Looking forward, a number of expansion, renovation, and construction projects are underway in Downtown Fayetteville. These developments are paving the way to a substantial transformation of downtown in terms of increased storefronts, cultural activities, residents, and foot traffic.

One of the projects we are enthusiastic to see is the expansion of The Crown Complex multi-use center into Downtown Fayetteville. This 60,000 square-foot facility will host The Crown’s new arena and theater, and will host as many as 60 cultural and sporting events per year. The Crown Complex draws patrons from a wide geographical area, with 72 percent of visitors residing within 50 miles. During construction of The Crown, Cumberland County will improve the parking lot located on Person Street.

Several developers are bringing new residential living spaces to downtown. Anchor and Pillar, a development firm with Fayetteville roots, is building 212 new residential units above the parking lot located near Segra stadium. With a total of 150,000 square feet of residential living space, the development brought a private investment of $65,000,000 to downtown Fayetteville. Developers are also creating new living space with adaptive reuse projects, such as renovating the previously vacant apartments in the Kress Building on Maxwell St.

Cool Spring Downtown District and downtown businesses alike are ready to welcome more residents to downtown and support Fayetteville as an attractive, walkable city center that offers a variety of street-level retailers and restaurants bustling with foot traffic.

In addition, the Capitol Encore Academy, a K-8 public charter school with an arts integration approach, purchased a building and adjoining vacant lot in downtown Fayetteville to expand their education portfolio from K-8 to K-12. The 30,000 square foot expansion, valued at $7,500,000, will enable the school to grow in terms of enrollment and workforce, with plans to add an additional 14 full-time employees. 

Cool Spring Downtown District is pleased that the heart of our city is experiencing historic levels of new public and private investment. A healthy, vibrant downtown reflects Fayetteville’s strong economic condition and helps to stimulate existing businesses, retain a talented workforce, and attract new investments and industries.

As our state’s sixth largest Metropolitan hub, our city will continue to be a thriving cultural center that offers unique shopping, dining, and entertainment options that appeal to everyone, from working professionals and families, to retirees and visitors. Visit Downtown Fayetteville and support our local businesses: https://visitdowntownfayetteville.com/explore-downtown

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