Carrboro development stalled by financing problems

Although a future development could bring bigger business and tourism opportunities to Carrboro, financing difficulties are standing in the way.

300 East Main Street will transition from a one-story strip mall to a 5.5-acre fully developed complex, but the development won’t be completed for at least five more years, said Main Street Properties spokeswoman Laura Van Sant.

Van Sant said plans for the development have been in the works for six years — since 2009 — but it took four years to gain approval.

Since then, Van Sant said, developers have run into trouble bankrolling the project.

The development features five-story ideas that include a Hampton Inn, parking deck and pedestrian plaza similar to Weaver Street Market.

“Right now the banks are taking a real close look at anything they finance,” she said.

“The hotel building in particular is a complicated project.”

The Hampton Inn, which would be the first hotel in Carrboro, is planned to be the first development of the project.

James Harris, Carrboro’s community and economic development director, said building a hotel along with the other projected developments will give the town the economic boost it needs.

“Carrboro is a town of over 250 small businesses, so it will further put us on the map,” Harris said.

“When people come and visit, they often see opportunities to create new businesses of their own.”

Once construction has concluded, the ArtsCenter, also located on East Main Street, will be adjacent to the parking deck.

Though not included in development plans, Van Sant said the ArtsCenter is essential to the project and provisions have been made to include it.

The ArtsCenter is a non-profit organization for education in the arts. The center offers art classes, concerts, theater productions, children and family programs and gallery exhibits.

Ed Camp, who became executive director of the ArtsCenter in 2009, said the new development will be a positive influence on the center, which will also benefit from the parking deck.

Camp said the Hampton Inn could also allow more people to visit the center because they can stay in town longer.

“It’s a wonderful use for that property,” Camp said. “We look forward to the day that it is filled with patrons that will enjoy our programs.”

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