Bellemeade parcel has potential buyer
GREENSBORO — An unidentified local developer has emerged as a potential buyer for the former Bellemeade Village property, one of the most publicized parcels downtown.
"It is my understanding that the site is under contract and they are currently in their due diligence phase," said Ed Wolverton, president and CEO of Downtown Greensboro Inc. "It is obviously a very strategic parcel and there are some great development options there."
The site lies just north of the NewBridge Bank Park along Smith Street. Wolverton would not identify the potential buyer or discuss the scope or nature of the project.
"I really can't say much about it," Wolverton said. "My sense is that until (due diligence) is completed it is somewhat speculative to comment."
Jim Jones, one of the brothers who owns the 6-acre tract, declined to comment.
Asked why a piece of excavating equipment has been sitting on the site for several days, Jones said, "I can't tell you, but it's not hard to figure out."
Jones said he hopes to have an announcement about the future of the land, where his family used to operate the North State Chevrolet dealership, in two months. The property has been for sale since early 2007.
Jim Jones and his brother, Steve, originally planned to develop a $60 million to $100 million complex on the site. Called Bellemeade Village, it would have included apartments, condos, offices and shops.
But the Joneses backed away from those plans in December 2006 and began looking for a buyer.
Last June, an out-of-town developer had the northern portion of the Jones property, a 4-acre tract bounded by Smith, Eugene and Edgeworth streets and Battleground Avenue, under contract as a potential site for student housing.
Wolverton said the current interest comes from a different developer and does not involve student housing.
It could not be determined Wednesday how much of the property might be under contract. In the past, downtown officials have said the Jones brothers want to keep the 2-acre tract next to the ballpark.
Contact Donald W. Patterson at 373-7027 or don.patterson@news-record.com
