Downtown Fayetteville landmark Prince Charles Hotel is on the market. Here's why.
A historic landmark in downtown Fayetteville is set to go on the market, the property owner confirmed this week.
The seven-story Prince Charles Hotel, built in the 1920s, underwent renovation in 2018 to become The Residences at the Prince Charles, featuring 62 apartments and ground-floor retail outlets. Rents range from $1,200 to $2,300 a month.
Now, Jordan Jones, project manager of PCH Holdings, which owns the Prince Charles, said via email Tuesday that the company plans to list the Colonial Revival-style building for sale.
“This month, we took the next step in this journey by officially hiring a commercial real estate broker to market The Residences at the Prince Charles to potential buyers,” Jones said.
Jones said his great-great-grandfather built the Prince Charles, valued most recently at $7.2 million, according to Cumberland County tax records. In 1983, the iconic building was listed on the National Register of Historic Places.
Jones said the decision to sell the property is not an easy one, but PCH Holdings plans to use the proceeds to fund another project, set to be the tallest structure in the city at 12 stories — Stadium View Lofts, a 212-unit apartment complex with views overlooking Segra Stadium.
“While I would love to own the property in perpetuity, my partners and I are focused on Stadium View Lofts,” Jones said. “This decision is bittersweet.”
Related: Is downtown Fayetteville still getting stadium view apartments? What we know
July makes five years since the renovations on one of the city's most prominent landmarks were completed. Jones said that currently, all of the building's units have tenants, and two new retailers will be announced later this year — one of which he described as a fresh food bodega.
This is proof that the company's efforts have paid off, he said.
"When we submitted the only bid to the online auction for the Prince Charles that at that time was shuttered by the City of Fayetteville for building code issues, one of our key goals was to demonstrate that it was possible to successfully invest in real estate in downtown Fayetteville," Jones said.
Reporter Lizmary Evans covers growth and development for The Fayetteville Observer. You can reach her at LEvans@gannett.com
This article originally appeared on The Fayetteville Observer: Fayetteville's historic Prince Charles hotel is for sale
