More changes are in store to the agreement to build a city parking deck and Westin Hotel in downtown Greensboro at the Tuesday, Jan. 4 City Council meeting.
On Dec. 19, 2017, the City of Greensboro entered into an agreement with Elm Street Hotel LLC to build a parking deck that will stretch from East Market Street over February One Place adjacent to Davie Street. Elm Street Hotel LLC, according to the agreement, will build the parking deck and, over the southwest portion of that deck, build a Westin Hotel. The original projection was that the project would be complete and the hotel open by March 2020, in time for the Atlantic Coast Conference Men’s Basketball Tournament.
The city originally agreed to spend not more than $30 million on the parking deck. At the Dec. 15 meeting the city raised that limit to not more than $37 million.
The resolution on the agenda for the Jan. 4 meeting authorizes City Manager David Parrish to enter into an agreement to change the ownership structure of the public-private partnership between the City of Greensboro and Elm Street Hotel LLC.
The resolution states, “Whereas, originally, Elm Street Hotel, LLC, and the City planned to own each of their parcels independently of each other and own the common elements of the property jointly; however, due to changing economic conditions, both parties decided that placing their parcels in a Condominium structure would be more advantageous.”
The resolution states that each party’s parcels will constitute 50 percent of the condominium and each party will have an equal number of representatives on the condominium owners’ association. Having an equal number of representatives on the condominium association board would mean an action could not be taken unless both parties agree.
The resolution states, “This resolution will allow the parties to begin construction of the February One Downtown Development Project pursuant to the Amended Construction Management and Development Agreement once the Phase Two Deliverables are produced by Elm Street Hotel, LLC.”
Parrish has said that he expects the parking deck to be coming out of the ground in February 2021. However, in the fall of 2019, Parrish said the parking deck would be coming out of the ground early in 2020.