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I get frustrated because Greensboro and its developers need to get projects off the ground much faster. It makes no sense to have funding in place to start construction and projects seem to drag on for no good reason. When developers take forever to start construction in good economic times, they risk having the project fall apart when recessions finally come.
So the Westin is dead and now it'll be a condo project?
One) So we're finally admitting that this DOA project truly is dead... At least as a highly unnecessary 3rd new hotel downtown... A condo is a MUCH better idea IMO.
It isn’t a residential condo. When they say they are going to “condo†the deal structure they just mean instead of the city owning the deck separately from the developer owning the hotel it will be a combined ownership structure with each owning their piece with common area ownership of certain parts, similar to a residential condo.
I will say it made me nervous when I saw a comment that the developer was still finalizing their financing. Really tough environment to obtain debt for a hotel even one with a superior flag like Westin.
It isn’t a residential condo. When they say they are going to “condo†the deal structure they just mean instead of the city owning the deck separately from the developer owning the hotel it will be a combined ownership structure with each owning their piece with common area ownership of certain parts, similar to a residential condo.
I will say it made me nervous when I saw a comment that the developer was still finalizing their financing. Really tough environment to obtain debt for a hotel even one with a superior flag like Westin.
Gotcha. I still think a condo building may be a better idea than another hotel in this environment and in a suddenly saturated hotel market downtown. Especially tough for a higher end flag like Westin.
I just can't imagine there being a market for yet another downtown hotel for at least a few more years until the tourism market recovers from COVID. My skepticism of this project can't be over stated.
I think we need to put this in perspective. We are in a pandemic which will likely pass maybe a year from now or so now that there is a vaccine. This is a temporary situation. Even if construction started on the Westin this spring, by the time its complete Covid-19 will likely be a thing of the past. That being said its still smart to proceed with caution as it appears they are doing. Covid-19 has affected projects already under construction. Look at the Hampton Inn downtown. There is a skeleton crew of construction workers and construction has slowed dramatically to the point where it looks like they have stopped. But I wouldn't freak out too much. Covid has indeed affected the economy but nothing like the shape the economy was in back in 2008 before Barack Obama took office. If the economy gets that bad, then you will see a lot of projects getting canceled or put on hold. If the vaccine puts a major dent in Covid-19 cases, you'll see restrictions being lifted and things starting to get back to normal. But I see Covid-19 sticking around for at least a year with cases gradually dropping off between now and then. But it may be 2022 before we see an opening date at the Tanger Center. The Spanish Flu in 1919 was far worse and just as widespread and it went away within 2 years.
- Bourbon Bowl
- Lewis & Elm Street Wine Bar
- Seafood Destiny
- Radici
- Savor the Moment Bakery
- One Thirteen Brewhouse + Rooftop Bar
- Oh Goodness Bakery
- Luxe Seafood and Cocktails
Wow!
I hope the 2 new bakeries ,don't give cheesecake by Alex any troubles. So far they have been the only game downtown when it comes to desserts! Also 2 new seafood places. Is one taking the pier spot or will they still remain giving us a total of 3 seafood places downtown? We went from barley 1 seafood spot to 3 if that's the case downtown!!!
Wow!
I hope the 2 new bakeries ,don't give cheesecake by Alex any troubles. So far they have been the only game downtown when it comes to desserts! Also 2 new seafood places. Is one taking the pier spot or will they still remain giving us a total of 3 seafood places downtown? We went from barley 1 seafood spot to 3 if that's the case downtown!!!
No. Luxe moved into the spot on north elm that used to be Ganache years ago... and most recently Smokhed. Seafood Destiny is moving into the spot that used to be Worx... right near the railroad tracks.
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