The developer who was considering investing millions to renovate the Prince Charles Hotel in downtown Fayetteville said Monday his efforts will not continue.
On Monday David Levinson said a feasibility study showed him the cost of renovations would be too high. He said the study found that while the building on Hay Street was abandoned thieves stole more than $2 million in copper and other valuables such as electric, plumbing and fixtures.
Levinson said he expected to spend about $4.5 million in renovations, but the theft pushed the cost to around $7 million.
Levinson had hoped to convert the hotel into a building of micro-condominiums and office space. He said he had already spent money not only on the feasibility study but on marketing plans to get the project off the ground.
The hotel is one of the tallest buildings in downtown Fayetteville, and it is a noticeable landmark. It will likely go up for auction for a new buyer.
The building is currently controlled by a bankruptcy reorganization, which involves Levinson and the most recent owner who filed for bankruptcy.
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>>
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Question, comment or news tip? The WNCN main desk is happy to take your call and direct you to the appropriate department. Our station phone number is:919-836-1717 Our address is:1205 Front St. Raleigh, N.C.