A multi-million dollar project is set to take place in downtown Fayetteville, bringing a hotel, apartments, and what city leaders say is a major boost for the local economy.
On Monday, the Fayetteville City Council approved a $70 million development plan that includes a 119-room hotel, 124 apartment units and a public parking garage. To help launch the project, the city is contributing $5 million as a loan. Mayor Mitch Colvin said the investment will pay off in the long run for both the city’s budget and its future.
“We vetted Mr. Flotz and his team very carefully, and he has an impressive track record of doing these kinds of developments in other communities,” Colvin said. “The $5 million injection that we’ll put in is only a loan, and it’ll be paid back with interest, and we’ll have securities to protect the taxpayers on that. We’re very excited about it. This just shows the commitment of the city council to continue to bring forth the downtown development that matches our already over $50 million that the city has put in.”…