The Historic Albemarle Hotel: A Case Study in Facilitating Downtown Revitalization

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Last Modified
  • February 28, 2019
Creator
  • Dudley, Tanner R.
    • Affiliation: College of Arts and Sciences, Department of City and Regional Planning
Abstract
  • Public-private real estate development partnerships (PPPs) have been implemented in the United States for many years, taking many forms with connotations both good and bad (Forrer, 2010). Over the past few decades public-private partnerships have become an increasingly popular method for cities and towns to achieve their development or revitalization goals, by leaning on private sector expertise and capital as public sector coffers have continued to shrink (Sagalyn, 2012). Simultaneously, in the wake of the 2008 U.S. Credit Crisis, as lending standards have tightened, private sector firms have become increasingly interested in partnering with public sector agencies to fill the financing gap that often exists in development projects (Sagalyn, 2012). This mutual need for innovative financing solutions has led to increased implementation of PPPs across cities and towns here in North Carolina to facilitate community revitalization. A public-private partnership can be defined and implemented in many different ways, depending on the needs of a community and the availability, expertise and capacity of both public and private sector participants. A more traditional form of public-private partnership typically involves public ownership of a parcel or building and outsourcing of design, construction, operation, financing or maintenance to the private sector (NCPPP, 2015). In many of these cases the private sector partner incurs project development costs with a portion reimbursed by a city, county or other public agency, representing the component that is required or desired by the public sector. One such example is a project currently underway in Wilmington, North Carolina involving the city’s partnership with a private sector developer to build on a key piece of city-owned property in downtown. From mid-2013 through the spring of 2015 the city worked with the Development Finance Initiative (DFI), a non-profit group based in North Carolina, to complete a pre-development analysis culminating in a request for proposal (RFP) process sourcing and vetting private sector developers (Development Finance Initiative , 2015 ). Developers submitted proposals for a high-rise mixed-use development including residential, retail and public open space wrapping structured parking on the site. Ultimately the selected developer will enter a partnership to purchase air rights from the city, develop on the site and receive a reimbursement for costs to build the structured parking deck. Once complete, the city will operate and maintain a portion of the parking deck for public use (Development Finance Initiative , 2015 ). While this project in Wilmington, NC represents a more traditional public-private partnership, this master’s project will provide a detailed overview of a somewhat non-traditional public-private partnership currently underway in Albemarle, NC.
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  • In Copyright
Degree
  • Master of City and Regional Planning
Academic concentration
  • Economic Development
Degree granting institution
  • University of North Carolina at Chapel Hill
Graduation year
  • 2015
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  • 7a492ca3-90df-407c-88ef-d15530c9a9b6

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