The Bellemeade Village setback
Too bad the Jones brothers have had to regroup on their ambitious Bellemeade project near the ballpark.
Their vision for a mixed-use cluster of shops, residences and possibly a hotel in the northwest corner of downtown was exciting and would have been a huge boon to downtown's ongoing rebirth.
It very well still may be.
But the presales for the first phase of the project weren't as brisk as they had hoped for and Bellemeade did not get financial help from Downtown Greensboro Inc., as did Governor's Court, to help pay construction loan interest as units were being sold.
Another developer, Jon Kavanagh, who plans a smaller mixed-use development to the east of downtown, wondered several months ago whether the center city was actually being overbuilt with residences. UNCG professor Don Jud disputes that notion, saying the demand for downtown housing has not peaked. But maybe the market would be kinder to more affordable downtown housing.
The first phase of Bellemeade Village condos would have cost between $239,000 and $364,000 apiece.
Other recent setbacks downtown include some struggling retail shops and the uncertain future of the center city's biggest live-music venue, the Flying Anvil.
But on balance there have been more steps forward than back. The Center City Park opened last week and renovation continues across the street on the Center Pointe tower.
As in any real estate market downtown will have its share of successes and failures. After all, it took 16 years for something good finally to happen to the old Wachovia tower.
We can only hope that in the case of Bellemeade, the Jones brothers are pressing the "pause" button on their grand vision for places to live, work and shop. Not "erase."