The Public Private Partnership (P3) model, which is authorized by the General Assembly, guarantees the county has final approval in how the entire project and block is developed. Not only can the county direct the public facility and uses on the site, it is also able to determine how the remaining land is used.
Under the new development agreement with Cape Fear Development, the P3 for this site would bring compatible and timely private investment to the block, with amenities and a mix of uses that would enhance downtown livability, such as a grocery store, housing, boutique hotels, restaurants, retail and more. the private investment will potentially generate property taxes, sales taxes and room occupancy taxes for the county.
With this approach, the county can guarantee the entire block is a compatible with the public purposes on the site and fit the county’s vision, and that it was built out in a timely way that benefits the general public.