2024 Annual Comprehensive Report

Carroll at Bellemeade , a luxury mid-rise hotel and apartment project also located next to the First National Bank Field, opened in March 2019 with a 110-room Hyatt Hotel and 289 apartment units. Both projects include upscale apartments and amenities with millennials in mind and are within walking distance of the baseball stadium and the Steven Tanger Center for the Performing Arts. In addition to the Hyatt Place Hotel that is part of the Carroll at Bellemeade mixed-use project, CN Hotels completed its new Hampton Inn & Suites , located near the downtown governmental plaza, in June 2022. The 120-room hotel, includes a 1,522-square-foot conference center and board room. In the City’s downtown area, a Business Improvement District (BID) was established in FY 2005 with an additional separate tax rate assessed for properties within the district boundaries. The district tax has remained at $.09 per $100 valuation since FY 2022, up from $.08. The BID contributed approximately $1,559,000 in the fiscal year ended June 30, 2024 for downtown improvement projects. A variety of activities have been completed, including new housing developments, business location loans, business facade improvements, landscaping and public safety programs. To accommodate increasing demand for additional downtown parking, the City constructed and opened the Eugene Street parking deck in June 2021 and the February One deck in June 2024. These two decks were the first downtown parking decks the City has built in more than 30 years and provide over 3,700 spaces. The Eugene Street parking deck is adjacent to First National Bank Baseball Park and supports existing and projected parking demand for the nearby hotels, retail and the mixed-use building project known as “Project Slugger.” The second parking deck, February One, will connect to a planned hotel and/or office, residential and retail space. The debt on these projects will be paid with revenue generated from parking fees and property/sales taxes generated from new downtown development of approximately $170 million and additional General Fund support.

Many of the downtown developments are along Greensboro’s Downtown Greenway, a “linear park” that allows residents to walk or bike safely across the city, encompassing neighborhoods, restaurants, hotels, entertainment venues, and historic sites. The four-mile downtown pedestrian and cycling loop, funded through a public-private partnership, connects over 100 miles of existing greenways 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 full project is expected to be completed by mid-2025. The Greenway has been a top priority of the Greensboro Downtown Economic Development Strategy with more than $765 million in completed and planned 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. North of the City’s downtown area, Phase 1 of an approximately $100 million redevelopment project on the historic 45-acre Revolution Mill campus was completed in 2019. Phase 2 was completed in September 2023. Notable as the first flannel textile mill in the South and registered on the National Register of Historic Places,

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