Town seeking proposals for Downtown Opportunity Site
The Town of Garner, North Carolina is now accepting Development Partner Proposals for the development of property on W Main Street that has come to be known as the “Downtown Opportunity Site”. The Town seeks a qualified development partner(s) to develop the Town-owned site into a mixed-use development of up to four stories that can include a mix of retail, residential, and/or office uses. Responses to the solicitation are due no later than February 26, 2021.
The Development Finance Initiative, a program of the UNC School of Government, has been hired by the town to work with interested development teams to present development concepts for review and consideration by the Town. DFI will help development teams understand and respond to the Town’s requirements for the development of the site. This process will culminate in the selection of a development partner or partners and the negotiation of one or more development service agreements for public-private partnerships.
Prior to releasing this solicitation, DFI and the Town spent over 12 months completing significant pre-development on the site to ensure the project is supported by the community, endorsed by the Town Council, and is financially feasible for development partners. The site is a roughly 0.3-acre development pad next to the newly constructed Garner Recreation Center and is located in the heart of downtown commercial activity within walking distance of multiple parks and recreational areas.
Low vacancy and limited supply of retail and Class A office space, coupled with steady growth in population and income, suggests an opportunity for a profitable mixed-use development. The site is also located within a qualified federal Opportunity Zone. The Opportunity Zone (OZ) program, created as a part of the federal Tax Cuts and Jobs Act of 2017, aims to encourage private investment in low income communities.
The full Solicitation for Development Proposals is available from DFI, or by accessing the link below. Please contact Matt Crook at [email protected] or Rory Dowling at [email protected] for additional details.