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Wake County Story

Story Highlights
  • White Oak Foundation stopped construction of hotel.
  • Looking for investors to help finance hotel.




White Oak Foundation Needs Funding For Hotel

Credit: AP Online

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APEX, N.C. -

The White Oak Foundation, a non-profit in Apex, broke ground on a Marriot Fairfield Inn and Suites in town last May. They were hoping to bring jobs to the area and make money for everyone their ministry serves. But now the $15 million project, that was scheduled to open this summer, is being put on hold because of the economy.

White Oak Foundation Pastor Charles Tyner explains.

"We got ready to do construction and our bank as many other banks did, said they were not interested in moving forward because hospitality is not doing as well as when we started the project," Tyner said.

Now, the group has the water, sewer and gas lines laid out along with the foundation of the hotel. But they can't move forward until the funding is in place. Tyner said they will not give up because the community needs this hotel.

"The resources from this development will be used only for the White Oak Foundation, for ministries and other projects like affordable housing, food programs and school programs," Tyner said.

Town Manager Bruce Radford agrees.

"I think knowing these folks that it will be very difficult for them to give up, their just that kind of people so we wish them the best. Anything the town can do we'll try to help them out," Radford said.

The amount need to complete the project is around $9 million and they hope to get a financial partner in the next couple of months.

"One thing I want to say is we're not abandoning this project. We plan to build the hotel and the Marriot is with us 100 percent," Tyner said.

Pastor Tyner said the foundation is looking for anyone who can help to give advice, steer the group to financial institutions or contribute to the project.

 

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