Canada Dry update
I picked up on a vibe today that the Greensboro City Council is considering making an offer on the old Canada Dry site on High Point Road. My vibe could be wrong, but I'll lay out my logic:
This morning, Councilwoman Sandra Anderson Groat proposed adding into the budget (as a one-time revenue) the $1.1 million it had set aside for property purchases. It's just sitting there, Groat argued, so why not use it and cut down the burden to taxpayers. The majority agreed.
A few council members started asking how the city would pay for the Canada Dry property without that $1.1 million. Mayor Keith Holliday hushed a few people, reminding them about a closed meeting about the land last week.
But he said: "Whatever figure we talked about last week" is how much money the city would need to borrow to buy Canada Dry.
So it sounds as though the city is making an offer to the owners (Yes, yes, I know. I'll get to that later). The asking price is $3.7 million. The appraised value is about $2.5 million.
I figured they would drop the issue after receiving the appraisal, hoping the private sector (possibly a hotel) would step in.
But the appraiser doesn't think a hotel would work there. He says the best use of the property is for it to become part of the Greensboro Coliseum or some sort of business - maybe a restaurant or a auto dealership.
Here's the part where I say ... The property is owned by Susan Robinson, the wife of News & Record Editor John Robinson, and her brothers, W. Hardy Spence and Royall Spence III. The family, which owned Canada Dry of Greensboro, sold its franchise to distribute soft drinks in 1998 and has since focused on developing the land.
Comments (4)
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Sounds like a new twist on the old developer's spin that if it isn't developed the way we want it now, something terrible such as a used car lot or fast food drive thru or recycling center could be built here.
I wonder why the appraiser is making this threat. Why wouldn't a hotel work here? Is it too close to the Koury Property?
Posted on June 12, 2007 9:08 PM
Diane, I don't have the appraisal with me, so I can't quote directly. The appraiser did say most major chains already have hotels at/near the I-40/High Point Road exchange. I can be more specific tomorrow when I'm back in the office.
Sorry you had trouble posting.
Posted on June 13, 2007 7:40 AM
Diane,
I read the appraisal and two factors were mentioned by the independent hotel marketing consultant the appraiser used in reaching that conclusion --
1. That business activity generated by the Coliseum would not be enough in itself to sustain a hotel in this spot financially, and
2. That with all the "name brand" hotel chains clustered at I-40/High Point Road and I-40/Wendover, it would be highly unlikely that a potential "driving through" traveler would bypass those "name brands" and make it all the way up High Point Road to a hotel at this site, thus little opportunity to "capture" those travelers.
Posted on June 13, 2007 11:00 PM
Diane,
I read the appraisal and two factors were mentioned by the independent hotel marketing consultant the appraiser used in reaching that conclusion --
1. That business activity generated by the Coliseum would not be enough in itself to sustain a hotel in this spot financially, and
2. That with all the "name brand" hotel chains clustered at I-40/High Point Road and I-40/Wendover, it would be highly unlikely that a potential "driving through" traveler would bypass those "name brands" and make it all the way up High Point Road to a hotel at this site, thus little opportunity to "capture" those travelers.
Posted on June 13, 2007 11:00 PM