Durham commissioners OK two downtown projects
Posted November 9, 2010 12:31 p.m. EST
Durham, N.C. — The Durham County Board of Commissioners on Monday approved financial incentives for two building projects downtown.
Developers will convert the Chesterfield Building, a former tobacco warehouse at Duke and Main streets, into a mix of apartments and retail and office space.
Support from the county commissioners will help developers land a $65 million loan for the project. The special tax-exempt loan was created by the federal economic stimulus package.
Greenfire Development plans to transform the former SunTrust Bank tower on Corcoran Street into a boutique hotel and spa, which planners say could create 125 jobs.
The commissioners voted to give developers $1 million for the project. Greenfire already had obtained $4.2 million in incentives from the Durham City Council for the project.