In 2017, the City of Fayetteville signed the Original Downtown Development Agreement with PCH Development Co., LLC to build a new baseball stadium, a multi-level public parking garage, a hotel, residential apartments and ground-floor retail space. PCH entered into an agreement with Hay Street Development Pad, LLC, the owners of the parcels on which the parking garage and hotel and residential tower development were to be constructed.
The intention was to create a mixed-use entertainment district downtown anchored by the baseball stadium. However, while the stadium and the parking garage were completed, the additional plans outlined were left untouched.
Now, the City of Fayetteville is partnering with Fay Hay Master Venture LLC (a subsidiary of Lansing Melbourne Group or LMG) to follow through on the unfinished elements.
Fay Hay Master Venture LLC is tasked with adding seven stories to the parking deck, making the building 12 stories in total. The new construction will create 124 multifamily residential units, 119 hotel rooms, ground-floor retail space and elevators serving the Hay Street Parking Garage.
The budget for the project will be set by January of 2026. The developer shared that he expects to invest over $70 million to complete the project. The proposal presented to the council included a request for a loan of up to $5.7 million from the city for public improvements.
Construction is slated to begin in June 2026 and be completed in May 2028.
The city gained ownership of the parking deck in 202 and will retain ownership of the parking deck following this expansion. The space above the parking deck will be owned by the new developer once all transactions have been completed.
The city authorized the plan with a vote of 8-1.
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