Villagio to add office building to Bragg Boulevard site

By
Andrew Barksdale
Staff writer

Another major private investment is planned for Bragg Boulevard
by the developer of the Villagio luxury apartments.

Fayetteville businessman Rajan Shamdasani unveiled his plans
last week for a $3.5 million office building called The
Palazzo. The three-story building, to be on vacant land in
front of the apartments, will feature Mediterranean-style
stucco, a rooftop garden with palm trees and a cupola.

The upscale building would be in sharp contrast to much of the
boulevard's landscape of used car dealers, older storefronts
and empty lots north of Sycamore Dairy Road.

Shamdasani opened the Villagio apartments last fall. The
Italian-inspired complex is a $20 million investment, separate
from the commercial building being proposed.

In 2009, the city and county awarded tax incentives for the
apartment complex with a combined worth of about $500,000 over
five years. Local officials hope the residential project sparks
a revitalization to the boulevard corridor.

Shamdasani said he'll apply for additional tax incentives for
The Palazzo. He hopes to start construction by the end of this
year. The building will have 31,300 square feet.

"This building will only enhance the value of what we are doing
out there and what we are seeing happening on Bragg Boulevard,"
said Shamdasani, president of American Uniform Sales.

Already, "for sale" signs have begun popping up along the
boulevard in the vicinity of Villagio.

Ranny Nimocks, a commercial real estate agent who has property
listed on the boulevard, said any new construction has a
positive impact on property values and attracts other
development.

The first phase of Villagio was completed last year. Of the 105
available units, 81 have been leased, Shamdasani said. Monthly
rents range from $770 to $1,420. Construction on a second phase
is expected to begin this summer, with two buildings and a
total of 132 units.

Last year, Shamdasani solicited five designs from three firms
for his commercial building. He received input from people in
the community and those affiliated with the
Fayetteville-Cumberland County Chamber of Commerce. They helped
him select the winning design and name.

"It was my favorite choice," Shamdasani said.

He said he has a pending lease contract for the third floor
penthouse office, and he is looking to lease or sell other
space in the office building. The cupola is an ode to the
Market House, he said.

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Villagio to add office building to Bragg Boulevard site