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45 <br /> Lloyd Farm <br /> ] -�� 46y4TATgx <br /> y 1 iL <br /> S- 1 <br /> PROJECT DESCRIPTION: A mixed use project with multiple commercial buildings on approximately <br /> -40 acres, including Harris Teeter grocery and energy center. A proposed 200 unit senior living <br /> residential facility and 10 duplex cottages (20 units). It is located at the corner of Old <br /> Fayetteville Road and Highway 54 on property historically known as Lloyd Farm. The developer is <br /> proposing a payment in lieu between $743,000 and an additionally $250,000 conditioned on the <br /> ability to provide on-site affordable housing units. Also, the developer will donate 4.6 acres <br /> fronting on James Street to the Town, future use of the property is to be determined. <br /> CURRENT STATUS: Developer is anticipating pulling construction permits in 2020 and begin <br /> construction by 2021with an opening date in 2022. Marketing the space has not begun yet. <br /> PROJECT BACKGROUND: Project was originally considered by the Board and denied in 2016. The <br /> applicant modified the plan and resubmitted an application in the spring of 2018. A public hearing was <br /> held September 25, 2018 and continued until October 23, 2018. The Board approved the Conditional <br /> Rezoning on October 23, 2018. The application for rezoning was approved by the Board on October <br /> 23, 2018. A concept plan has been submitted to staff and is under review by the town advisory <br /> boards at the joint meeting to be held February 7, 2019. Phase 1 of the project received its CUP <br /> on October 22, 2019. <br /> ESTIMATED TAX VALUE: $64,000,000 <br /> 1/21/2020 <br />