Buckhorn financing sought
Developers want to break ground within year, but capital markets at 'a standstill'
Published: Fri, Oct. 10, 2008 12:30AM
Modified Fri, Oct. 10, 2008 07:36AM
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closeHILLSBOROUGH -- Developers of the 1.1 million-square-foot Buckhorn Village retail development in northern Orange County hope to break ground within a year -- if they can get the financing.
"The capital markets in this country have ground to a standstill," developer Roger Perry said Tuesday after the Orange County commissioners approved the project in Efland.
Tax revenue projections prepared by the developers indicate that the $125 million Buckhorn Village could generate almost $6 million in sales tax revenue and $1.35 million in property tax revenue a year for the county.
THE PLAYERS
HERE ARE BUCKHORN ROAD ASSOCIATES' PARTNERS:
Roger Perry is the president of East West Partners, which developed Meadowmont in Chapel Hill and is building another mixed-use project called East 54 on N.C. 54 in Chapel Hill. Perry is partnering with his son, Ben Perry, on Buckhorn Village.
George Horton is the president of Tryon Investment Group, whose latest project is the Gateway Center Complex in downtown Hillsborough. It houses a new Weaver Street Market and offices for 150 Orange County government employees.
John Fugo is a partner and manager of Montgomery Carolina and owner-manager of Montgomery Development Carolina Corp., a commercial construction firm. His company was a partner on the village center in Chapel Hill's Southern Village. Fugo is partnering with Rosemary Waldorf on Buckhorn Village. She is a former mayor of Chapel Hill and works with Bryan Properties as a project manager.
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The developers plan to build homes above shops but will have the option of making a payment toward local efforts for lower-cost housing instead of building lower-cost units.
Some residents had criticized the retail project, which is going into an area zoned for higher-paying industrial jobs. Others wanted a project where people could live, work and play without a car.
Commissioners Chairman Barry Jacobs said that retail jobs are important and that the county is losing sales tax dollars to its neighbors.
Interstates 40 and 85 are the main streets of North Carolina, Jacobs said. "We're not inviting traffic to come a long distance to this development. It's passing right by."
mark.schultz@newsobserver.com or 919-932-2003
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