Durham YMCA Hopes To Sell Land To Pay For New Facility
Posted February 22, 2000 6:00 a.m. EST
DURHAM — The financially troubled DurhamYMCAhopes to get back on its feet by selling off two prime pieces of real estate.
A 55-acre tract of land in northern Durham was donated to the YMCA. The organization wants to sell the land to help pay down its debt. A developer wants to build a residential subdivision on the land and an adjacent 22-acre site.
The YMCA is also selling an unused, 33-acre section ofCamp Kanatain Wake County. The proceeds will help pay for the $9 million cost of building the YMCA facility on Morgan Street.
"It was built on the fact that if you build it, they will come," says David Byrd, president of the Durham YMCA. "We've had tremendous impact and success in this community, but our numbers have not been as high as expected."
About 4,200 people have joined the downtown YMCA. The facility is not paying for itself yet, but the new site has allowed the YMCA to reach 60,000 people through sports programs, day care and other services.
YMCA officials believe membership will grow over time, but right now, they need to start digging out of debt.
"We're currently under a renegotiation of our bonds withAllstate, and we're hoping to use the proceeds to restructure with Allstate," Byrd says.
The YMCA hopes to finish restructuring its debt and sell both properties in the next 60 days.