Hayes: Hotel group will turn down offer for land at South Elm and Lee

Deena Hayes says in a mass e-mail that the Ole Asheboro Neighborhood Association has decided to turn down the Greensboro Redevelopment Commission's offer to sell property at the intersection of South Elm streets for $1.1 million as a site for a luxury hotel.

Hayes writes in an e-mail yesterday at 12:26 p.m. to supporters of the neighborhood association's efforts:

Thank you so much for your ongoing support of the effort to bring-wealth building opportunities to the Ole Asheboro Street Neighborhood Association. After talking with our real estate representative, Skip Alston, we all felt that the price that the redevelopment commission attached to the land was inflated and did not fit our plan. Mr. Alston aligned us with a partner a few blocks away and we should be solidifying the partnership in the next 36 hours. The new site is in the heart of downtown and still meets the criteria for the Stimulus Economic and Facility Bond resources that Bridget Chisholm secured for this project. It is in a redevelopment area, the neighborhood association is still a partner and African Americans, Urban Hotel Group/OASNA will have majority ownership.

UPDATE: Looks like I missed the official announcement.