Prince Charles Hotel to be renovated into living, retail space

During the early 1900s, the Prince Charles Hotel in Fayetteville was the gem of the city, but the years have not been kind to the famous building where Babe Ruth once stayed.

"It did go downhill for various reasons over the years, and now it is just an eyesore," said Fayetteville resident Kia McMillian.

McMillian, who has lived in Fayetteville for 30 years, lives a couple of blocks from the Prince Charles. She said she is happy to hear something good is happening to the hotel.

"Anything. Any positive change at this point is great," she said.

On Monday night, the Fayetteville City Council voted unanimously to support the owner's plan to redevelop the property.

Investors of Prince Charles Holdings LLC purchased the building and adjoining parking lot during an auction in 2014 for $200,000.

What they are now planning to do is expected to cost about $10 million.

"We believe that it is going to start out as apartments and eventually go to condominiums," said Fayetteville Mayor Nat Robertson. "That whole area around the hotel is going to be developed into retail and commercial space."

The company wants the city's help in developing about 10 acres that surround the hotel, some of which is owned by the city.

Mitch Colvin, the city's mayor pro-tem, said public-private ventures could be the wave of future developments.

"It's vital, and we have got to be thinking outside of the box enough that we bring private money into public and see how we can make a better community," Colvin said. "So, I think this is just the beginning of a lot of good things to come."

Prince Charles Holdings LLC plans to start construction this summer, with a completion date in the second half of 2017.