Richard Alexander, once one of the top developers in downtown Fayetteville, was put out of business by the Great Recession. He says the old Mountain Inn location, which he used to own, is still a great place for a luxury hotel. The site recently sold for $1.1 million to a developer from Mountain Home.
Richard Alexander had it all. Cash, credit and important preservation projects like the Inn at Carnall Hall on his CV. Before the Great Recession, nothing seemed out of Alexander’s reach — not even a proposed 18-story luxury hotel on Mountain Street in Fayetteville called the Renaissance Tower.
Alexander and his partner, John Nock, secured funding, demolished the old Mountain Inn, dug a foundation and planned to open the new building in September 2007.
Then came the recession. Alexander held onto his home and his family but lost just about everything else, including the Renaissance. Now retired from real estate development and his law practice, Alexander enjoys the simple pleasures of life in Fayetteville — restaurants, coffee shops, trails and live music. He’s also... [ MORE ]