The French Broad Food Co-op today announced that it has purchased the next adjacent to its 90 Biltmore Ave. location. The 20-year-old food co-op has been openly discussing big expansion plans now for about a year.
The co-op has been looking for a development partner to help it build a bigger store on its current site. The co-op has also been considering building housing, retail shops, offices, a parking deck and some sort of public space.
Here’s the announcement from the French Broad Food Co-op’s Expansion Page on Facebook:
Your Co-op closed on the land next to us today. It was a deal started 20 years ago with a 39 page land lease, negotiated for the last two years into a purchase, and is finally, officially closed. We own it!
Details: entirely privately financed; no big banks. 10% down. 30 year amortization. 10 year balloon. 4% interest rate. No payments till Spring. Held as its own collateral, meaning we didn’t leverage the store/other properties to buy it.
The power of this community is behind us, including the seller, who wanted the Co-op to stay and thrive, and we are thrilled to announce this important step in our redevelopment. More news coming soon!