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Garner council extends LMG downtown master development agreement through Feb. 15
Summary
Council voted unanimously Aug. 4 to extend the existing master development agreement with LMG to continue negotiations and due diligence on a downtown project that includes about 102 residential units, roughly 5,500 sq ft of retail, and a 142‑space public parking structure.
Assistant Town Manager John Hodges told the Town Council that negotiations on the LMG downtown opportunity site remain active and staff requests an extension of the current master development agreement (MDA) to Feb. 15 to allow completion of outstanding due diligence, lease and revenue modeling and condominium structure questions.
Hodges summarized the project scope discussed earlier in 2026: "a 102 residential units, about 5,500 square feet of ground floor retail restaurant space, all in a 4 story building," plus a 142‑space public parking structure that the town would purchase back from the developer to increase downtown parking. He explained staff had paused to test alternative financing and ownership structures and worked with consultants to validate the model before finalizing the MDA.
Council asked for regular updates on market assumptions and the parking revenue model; members said they supported getting the details right. Council member Vance moved to approve the extension and Mayor Pro Tem Dellinger seconded. The motion passed by unanimous voice vote.
Staff said the town will return to the council at the end of the month with a more specific update and that the new MDA, once signed, would supersede the extension.
