Chesterfield Partners, which is attempting to renovate the Chesterfield building in downtown Durham using federal stimulus bonds, has been given approval to issue the bonds from the state.

The Local Government Commission approved the developer's request at its meeting last week. Chesterfield Partners had earlier gotten approval from Durham County officials.

Developer Josh Parker said the underwriters are now making final preparations to sell $65 million in bonds, which must be issued before the end of the year.

Stone & Youngberg, a New York investment firm, has been hired to market the bonds.
 

Two downtown Durham redevelopment projects that are seeking approval to use federal stimulus bonds will be discussed at Monday's meeting of the Durham County commissioners.

Both projects are on extremely tight timelines, as the bonds must be marketed and sold to investors by the end of the year.

The projects also need approval from the state Local Government Commission before they can market the bonds.

First up will be developer Josh Parker and Chesterfield Partner's application to use $65 million in federal stimulus bonds to transform the Chesterfield building in downtown Durham into a mix of retail, offices and apartments.

Next up after Chesterfield Partners is Greenfire Development's application for $25 million in stimulus bonds that it would use to convert the landmark Hill Building into a 165-room boutique hotel called Spark.
 

Developer Josh Parker's efforts to redevelop the massive Chesterfield building in downtown Durham passed one hurdle earlier this week.

On Monday, the state Department of Commerce gave Parker's development group, Chesterfield Partners, approval for $65 million in borrowing capacity.

Chesterfield Partners is hoping to sell $65 million in federal stimulus bonds to transform the Chesterfield building into a mix of retail, offices and apartments.

Parker also needs approval from Durham County's Industrial Facilities and Pollution Control Financing Authority. A hearing has been set for Nov. 8 to discuss the proposal.