2021 Annual Comprehensive Financial Report

pedestrian and cycling loop, funded through a public-private partnership, connects over 100 miles of existing and 460 miles of planned greenways throughout the area, serving as the hub of the greenway system. Construction costs are estimated at $50 million, with approximately $13 million in private donations and $37 million in public funds from local bond referendums and state and federal funding. The final installation of the Downtown Greenway is underway with the City’s purchase from Norfolk Southern of rights to install greenway sections both within and extending beyond downtown.

Plans are in place for the final mile and construction is expected to begin before the end of 2021. The full project is expected to be completed by early 2023. The Greenway has been a top priority of the Greensboro Downtown Economic Development Strategy with more than $502 million in private investment projects attributing the Greenway as a reason for their location and investment. Economic development studies related to greenway projects in North Carolina and other states have shown that property values in close proximity to a greenway or park were valued higher. The greenways have also contributed to increases in adjacent commercial investment and real estate absorption, which the Greensboro Greenway is already experiencing. On the eastern edge of downtown near NC A&T University and Bennett College, plans for a new large-scale multi-unit residential and commercial retail development were announced in fall 2018. Named “Bailey Village at New Downtown East” , the proposed development would include up to 172 luxury apartments, an anchor grocery store, dog park, and dining options. United House of Prayer for All, a national Washington D.C. based church, has had the development in consideration since 2007 when it bought the 14-acre site on East Market Street. The local business community sees this as a much needed boost to the neighborhood, providing services and additional housing options to university students, staff, and local residents. Situated a block away from the Downtown Greenway, the development would also help to more seamlessly integrate the neighborhood to the rest of downtown Greensboro. The project is expected to be completed in 2022. Also on the east side of Greensboro, the McConnell Center , a $14 million, 1,400,000 square-foot industrial park opened in 2016. The City of Greensboro extended a $600,000 loan as part of the City’s shovel-ready site program designed to encourage industrial and commercial development. Located one mile west of Interstate 40 and Insterstate-85 split, the building has been occupied by two tenants – Wayfair and R.J. Schreiner Co. In 2018, Coca-Cola Bottling Company became a third tenant, occupying a 135,000 square-foot space with an investment of $4 million into its operation. Additional occupants include, O’Reilly Auto Parts, General Dynamics, Vistar Foods, and Walmart. North of the City’s downtown area, a $100 million redevelopment project on the historic 45-acre Revolution Mill campus completed Phase 1 in 2019 and is moving forward with Phase 2. Notable as the first flannel textile mill in the South and registered on the National Register of Historic Places, Phase 1 of the mixed-use site includes 150 loft apartment, more than 100 commercial tenants with 240,000 square-feet of office space, four restaurants, 40 artist studios and open outdoor spaces for live music and movies. Two event centers were also completed with accommodations for up to 475 guests. The $36 million, 167,000-square-foot Phase 2 plans include 33 apartment units, approximately 60,000 square feet of office space, and 10,000 square feet of retail and restaurant space. Phase 2 is anticipated to be complete in 2022. The planning concept is to create a live work-play community that supports the culture of arts in Greensboro. The extensive historic restoration project

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