450 Hay LLC begins Prince Charles Hotel Redevelopment Project

Online, March 3, 2010 (Newswire.com) - Over the past two months 450 Hay LLC Managing Member John Chen has meticulously solicited development team partners for the redevelopment of the Prince Charles Hotel and adjacent properties located in the heart of Fayetteville NC. The assembly of this team has moved to the negotiation stage with the consummation of agreements with Hotel, Housing and Commercial development partners expected later this month. Discussions with financing representatives are underway as well. The project scope includes; the historic restoration of the Prince Charles Hotel, independent senior citizen mixed income rental housing, for sale condominiums, commercial retail, a movie theater, wellness center, free to the public wireless and technology center. The property has faced its challenges over the past several years, but John Chen is confident of a successful and well received, renaissance of the property. "We believe the respondents to our request for qualifications bring to bear the best of local and national talent to address the broad scope and depth of our vision for the property." The development team is seeking to bring complimentary retail to downtown to fill the gaps in business services offered in the core of the city. Once senior members of the development team have been selected a second round of requests for proposals and requests for qualifications for local partnerships will begin later in March. Chen says, "it is our goal to spend the vast majority of our construction dollars with local businesses where possible and engage in partnerships with business owners to operate and manage various services to be offered on site".