Up & Coming Weekly

May 21, 2019

Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.

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Page 12 of 32

12 UCW MAY 22-28, 2019 WWW.UPANDCOMINGWEEKLY.COM When built in 1925, the Hotel Prince Charles was downtown Fayetteville's tallest building. It was a grand land- mark like no other. But over the last 40 years, the structure deteriorated to the point that the fire department closed it down several years ago. In 2014, PCH Holdings LLC bought the hotel at auction for $200,000. e surrounding property was purchased for $2 million. Fayetteville native Jordan Jones is one of the owners and is serving as project manager of the company's reconstruc- tion of the interior of the building. It's a family affair for Jones. His great, great- grandfather, James A. Jones, built the hotel 94 years ago. When North Carolina's largest banks showed no interest in downtown Fayetteville investment opportunities, a local community bank said yes when asked to join in a long-term invest- ment. Carter Bank and Trust Company is the major investor in the $18.3 mil- lion reconstruction project. "It was a pretty huge win for downtown," Jones said. He added that over the last year the big banks have seen the commit- ments that the city of Fayetteville and PCH Holdings have made, and now consider the city "investable." Jones said the Prince Charles project was much more than a renovation. None of the existing interior walls still stand. One-bedroom units have about 650 square-feet. Apartment rentals from the second to the seventh floors range in price from an average of $1,200 for one-bedroom units to $1,700 for larger two-bedroom units. Two-bedroom apartments have two full baths. All apartments have wash- ers and dryers in addition to kitchen appliances. ere are 11 separate floor plans. A dozen or so of the 59 apart- ments overlook Segra Stadium. Not all the apartments are ready for occupan- cy, but Jones said it won't be long. e former ballroom on the eighth floor has been leased to a firm with 3,300 square-feet of open office space. e original hardwood floors remain. e 300-plus windows in the build- ing represent a significant, unin- tended expense for the developers. e Historic Resources Commission is responsible for reviewing and approv- ing all exterior changes in designated districts and to landmark properties. It required that the windows be repaired, not replaced. "We sent them to Florida to be fixed," Jones said. Austin His- torical Restorations of Orlando was paid $850,000 to preserve the window frames. Jones added that much of the original glass was used. e apartment building's first floor at ground level will feature two full-service restaurants. A high-end steakhouse is planned for the former lobby of the hotel. A pizzeria with 2,600 feet of open-air space is planned for the rear of the building near the baseball stadium entrance. And, the Coffee Scene with shops on Morganton Road and Fort Bragg will also have a location in the Prince Charles, just off Hay Street. Tenants will have reserved parking spaces in the adjacent five-story park- ing garage. e city owns the building at a taxpayer cost so far of $16 million. PCH Holdings has put $2 million into the parking deck and has asked the city for another $1.5 million. It's estimated that of the 482 spaces in the parking tower, 200 of them will be available to the public depending on time of day. The new Prince Charles Hotel by JEFF THOMPSON NEWS e Prince Charles Hotel renovations are nearing completion. "Cumberland County's Community Newspaper" ROCK Independent free papers bring buyers and sellers together with more audited circulation than your daily. During these times, it is more important to make the right advertising choice. We're it. We can help your business. SOLID

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