G’boro poised to jump off the incentives cliff

From today’s Triad Business Journal...

A public hearing will be held Tuesday on an incentives package for the redevelopment of the Southeastern Building in downtown Greensboro.

The project to redevelop one of the most prominent buildings in downtown Greensboro has long been on hold as developers Willard Tucker and Barry Siegal attempted to shore up financing.

But John Shoffner, the manager of Greensboro’s economic development program, said the possibility of $238,422 incentives from the city gave the project’s financer enough security to move forward.

“That will in essence provide that additional cash flow in at least the early years, which was enough to get the lender comfortable enough to issue a commitment letter for the financing of the project,” Shoffner said.

If approved, the incentives from the city will be paid out over a five-year period. The overall project will cost about $13.1 million and will utilize both federal historic tax credits and state tax credits. No county incentives will be used in the project, Schoffner said.

The project will involve resurfacing the 1918 facade of the building and putting columns out front, Shoffner said. In 2011, the developers told The Business Journal that they planned to transform the 100,000-square-foot building at 102 N. Elm St. into a mix of 51 apartments, retail and offices. A call to Siegal on Friday was not immediately returned.

Shoffner said Siegal and Tucker anticipate closing on the rest of the financing in February, if incentives are approved. Construction would start in March.

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