CARRBORO - Last year could have been landscape-changing for downtown Carrboro, after the Board of Aldermen approved four major projects in 2007 and 2008.
But the recession has cast uncertainty over the projects. None has broken ground. One developer is renting his site for a parking lot. Another is still looking for partners.
300 East MainThe board approved a conditional-use permit for the 300 East Main project, the site of the ArtsCenter and Cat's Cradle shopping center, in September 2008.
"We got our approval just in time for the economy to tank," said Laura Van Sant, a spokeswoman for Main Street Properties, the developers. "It's made the financing environment a little more difficult.
The developers hope to break ground on the estimated $60 million to $70 million project this spring. In the first phase, a four-story building will replace the old Performance Bike shop along East Main Street. The first floor will be retail space. A 150-room Hampton Inn will take up the three upper floors.
Van Sant says the group will build a new space for Cat's Cradle in the second phase.
James Harris, the town's economic director, says the hotel, with a conference area, will have a ripple effect, sending visitors to restaurants and music venues in Carrboro and Chapel Hill. The Hampton Inn will be the only hotel in Carrboro town limits.
The Alberta, 201 Maple AveThe Alberta, a four-story 48,000 square-foot building, would have commercial space plus 23 residential units.
"We're sitting tight due to the economy," said Nathan Milian, a developer working on the project. "We basically threw the brakes on it in the first quarter of the last year."
The developers are waiting to see when units at Greenbridge and East 54 sell, and for how much, Milian said.
"It makes no sense to overbuild a market," he said.
Roberson Square, 201 S. Greensboro St.Roberson Square is a planned multi-story building that will have retail or office space along with 18 condos.
But the developer recently rented the property on South Greensboro Street to the town for a temporary parking lot.
"We're waiting until the economy gets back," said partner Elias Schtakleff, a vice president of Darcon of NC Inc.
Schtakleff said Roberson Square would have broken ground if not for the economy. Now, he says, building is "out of the question."
"For the next couple of years, nothing is going to happen," he said.
Butler Green, 120 Brewer LaneRichard Gaylord is the sole partner in developing Butler Green. The five-story building would have 22,000 square feet of office space on the first floor and 57 condos above. The project would replace the Butler Garage on Brewer Lane.
"I'm still looking for another partner or two," Gaylord said. "Plus we're looking for the financial world to kind of get itself righted."
Gaylord changed the project's working name from The Butler to Butler Green to reflect environmental elements he has incorporated into the plans.
"That's going to play a major part in our marketing," he said.
Gaylord, who owns the Raleigh-based Richard Gaylord Homes, said buying may start picking up in the spring. He has seen more people touring homes he has on the market.
"They're doing their homework for spring buying," he said.
He said he would like to have half of the Butler Green units sold before breaking ground. But he said the Permit Extension Act of 2009 will give him more time.
The state bill, signed by the governor in August, provides a cushion for developers waiting for the economy to improve by extending normal permit time limits to Dec. 31, 2010.
Marty Roupe, Carrboro development review administrator, said the town is reviewing how the act will affect local projects.
"Our hope is that the projects will be under way by then," he said.