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GREENSBORO — A city commission chose a plan Thursday that could end a local neighborhood’s hopes of joining a developer to build a hotel on South Elm Street .

The Greensboro Redevelopment Commission  decided it wants one master developer to build a mix of retail, office and housing on roughly 7 acres  it owns at Lee and South Elm streets .

It was the first step toward recruiting one developer to handle the entire South Elm Street Redevelopment Plan .

The commission had three options, including an open plan that would allow multiple developers to build on separate parcels.

The master developer plan effectively blocks the adjacent Ole Asheboro Neighborhood Association ’s plan to join with Bridget Chisholm , a Memphis  businesswoman who wants to build a hotel on 4 acres  of the site.

The association had asked the city to donate the land to the neighborhood association. The neighborhood wanted to give the land to Chisholm’s Urban Hotel Group  and become a partner in the company on a 200-room  hotel. Ole Asheboro would use hotel revenue for redevelopment projects.

That plan won’t work unless Urban Hotel Group joins with a master developer or bids to be the master developer itself.

One resident of Ole Asheboro said the decision is short-sighted. “I think they’re working off an antiquated plan because the ground has shifted beneath their feet,” said Tyrome  Holloman .

By financing the hotel with non-taxable federal stimulus bonds, the hotel group felt it had a chance to avoid tight credit markets.

“Our hotel plan addresses the depressed market we’re in now,” Holloman said.

But commission members have said the hotel plan seemed vague, and they didn’t want to carve up the 7 acres.

Dan Curry , acting director of the city housing and community development department , said the hotel developer could still form a partnership with the master developer .

However, the requirements adopted Thursday “wouldn’t allow them to submit a proposal for this one block,” Curry said.

Commission Chairwoman Nettie Coad,  a longtime community leader of Ole Asheboro, said she couldn’t speculate on the neighborhood’s next move regarding the hotel.

“If it fits into the guidelines, it’s doable,” she said.

Commission member Bob Mays  said a master developer lends consistency to the project.

Mays and the commission asked Curry to proceed swiftly with writing a list of requirements to send to potential developers by the end of the year.

Ole Asheboro’s Holloman said the hotel idea isn’t dead.

“We have a shovel-ready plan ready to go,” he said.
 

Contact Richard M. Barron at 373-7371 or richard.barron@news-record.com