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Monday, April 11, 2011

Providence to get apartments, hotel

The Village of Providence is growing again. With new office and retail buildings already under construction, developer Todd Slyman announced at last week's Economic Development Summit two major expansion plans expected to break ground later this year-- 200+ "urban-style" apartments and another 100-room Hilton brand hotel. (If I had to guess which hotel brand, it would be Home2 Suites, a new boutique extended-stay hotel which just recently opened its first hotel in Fayetteville, NC.) The apartments and hotel will be located in the Town Center on Providence Main (see map above). Providence also has plans to replace some of its surface parking with at least one parking deck.

Village of Providence PDF map (shows layout of future buildings, parking deck)


David1502 said...

Thanks for informing us of these developemnts at Providence. However, instead of a Home 2 Suites, my guess is that there will be a Hampton Inn and Suites, which is also a Hilton brand, Secondly, Hampton Inn will sell their University at Wynn Dr. location to a lesser brand (like Super 8) because they are trying to get rid of all their hotels which have rooms with outside entrances and Providence is a safer and more prestigious location. Their Homewood Suites there has been very successful.

Regarding the apartments, it is hard to see how their can be much more of a market for upscale apartments since Waterford Green, Arch Street, Dunwoody Place and Walden at Providence seem to hit that market pretty strong. However, the loft ondominiums struggled to sell and only did when they dropped the prices from $300K for a one bedroom to $150K and still there are a few units without lights on. The houses in Providence have been slow in selling the past three years, although things have mproved some recently, but nothing like they were between 2003 and 2007. They have to make money somehow and apartements must be an easier bet.

For historical note, several years ago, there was speculation that a Hyatt Place or Aloft (also by Hyatt) would locate in Providence, but apparently they cooled on the HSV market.

Anonymous said...

For Providence to work well it needs a good grocery store, deli and and soda fountain.