2002 Section 108 Project Summary - North Carolina

Economic Development

HISTORIC SOUTH PACK SQUARE TO UNDERGO RENOVATION
Asheville NC South Pack Square Redevelopment $ 800,000

The City of Asheville is receiving $800,000 in loan guarantee assistance that will help finance the South Pack Square Redevelopment Project. The City will lend Section 108 funds to Eagle Market Street Development Corporation (EMSDC) in order to address distressed conditions in South Pack Square, which is a historic center for African-American commerce and culture. EMSDC will use Section 108 funds to purchase and rehabilitate three buildings and construct a fourth. The Section 108 assistance is made in conjunction with HUD's Economic Development Initiative (EDI) grant in the amount of $340,000. When finished, the City estimates the combined buildings will contain 13,000 square feet of retail/restaurant and office, along with five housing units. The total project cost is $2,413,514. The project is expected to create 24 full-time jobs.