Judge clears way for new owner of Prince Charles Hotel - WRBL

Judge clears way for new owner of Prince Charles Hotel

Posted: Updated:
The historic Prince Charles Hotel in Downtown Fayetteville The historic Prince Charles Hotel in Downtown Fayetteville
The front entrance of the Prince Charles Hotel facing Hay Street in downtown Fayetteville The front entrance of the Prince Charles Hotel facing Hay Street in downtown Fayetteville
FAYETTEVILLE, N.C. -

A North Carolina bankruptcy judge confirmed on Thursday the Chapter 11 plan for Fayetteville's Prince Charles Hotel.

The ruling means a new owner can now take possession of the property, and the new owner may plan renovations to improve what has become a highly-visible eyesore for downtown Fayetteville.

The hotel is on the National Register of Historic Places, but it's fallen into disrepair in recent years. In October of 2010, the city of Fayetteville deemed the building unsafe and anyone inside was given 48 hours to evacuate.

In April of 2012, 450Hay LLC, the owner of the building filed Chapter 11 bankruptcy. The bankruptcy filing happened just before a public auction of the building was to take place. The bankruptcy prevented the sale of the property.

Late in 2012, developer David Levinson agreed to buy the hotel. He said Thursday he entered into a contract with the previous owner. He also entered into a contract with the city of Fayetteville he said.

With the transfer of ownership approved Thursday, Levinson said it would take 10 days to take effect. He said it would take another 10 days for the property to convey to King David LLC – the business entity he created to own the Prince Charles.

Levinson said he is also planning a six-month feasibility study to figure out if his vision for the building would work. He said he wants to convert the 2nd through 7th floors into 80 miniature condominiums. He said the condos would be for residential and office use. He anticipates the 450 sq. ft. condos would sell for less than $100,000.

Levinson added that he feels the office condos would be perfect for law firms in the Triangle area looking for branch offices. He said he would like to include conference rooms and a business center in the plan.

Brandon Herring

Brandon is a North Carolina native and UNC alum who lives in Fayetteville, and covers Cumberland County and the Sandhills. Returning to North Carolina to work as a journalist is a dream come true for Brandon. More>>

Powered by WorldNow

1350 13th Avenue
Columbus, GA 31901

Telephone: 706.323.3333
Fax: 706.327.6655
Email: news@wrbl.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.