Twitter just threw in their support to help
9 Likes
Sorry for the crude sketch, but excited for how this will slot into the money shot!
39 Likes
No excusing necessary! I’m excited for this too, and it’s great to be able to picture the impact it will have. I’ve been waiting for that hole in the skyline to be filled for the last 12 years…
13 Likes
money shot may have to eventually completely do a 180 for an origination from the north, to get also include DTS, stadium and towers (plus all the new development up near Smoky Hollow and Peace…Or start from DTS and have the current money shot farther away…
But I’ll always be partial to all the trees and green in this avenue photo with the convention center and shimmer wall front and center
6 Likes
Anyone know when this is supposed to break ground? Just spent a few minutes on their site and it looks so cool! Can’t wait for the impact this’ll make on the skyline.
3 Likes
I think its said to break ground either this fall or winter the last time I searched for info on it. It will definitely contribute to the ever growing skyline!
7 Likes
Nice! Hope it has some nice ground floor activation
2 Likes
The REIT developing this property just offloaded 6 (most of their largest) office properties to Highwoods. In Raleigh, it was the Wells Fargo Building (across the street) and the Captrust in North Hills. The other 4 properties were in Charlotte and ATL.
10 Likes
Sounds like they are getting some cash together… 
6 Likes
Anyone thought to ask that pizza joint when their lease runs out? They will obviously have to vacate the location when 121 F gets built. They probably have advance notice that their lease is up and won’t be renewed (as in, start of demo work).
2 Likes
I prefer to look on the bright side of this also.
The cynic would counter that they might be trying to offload all office properties to get back to their namesake: Preferred Apartment Communities. And there has been some debt concerns with this publicly traded company.
This is the development that I’m most excited about that has a realistic chance of happening relatively soon. So this news was interesting to see.
5 Likes
They are building an apartment community right now at the corner of Jones Franklin and 440!
Do you know the name of it? I’m trying to gather information.
Vintage Jones Franklin
1 Like
In their press release, Preferred Apartment Communities said they sold the offices to Highwoods to simplify their business strategy to focus on suburban multifamily and grocery anchored retail. They plan a “complete exit from the office sector.” No mention of 121 Fayetteville or any new office construction.
I could be wrong and hope I am, but I am now concerned this building won’t happen.
3 Likes
Kane Realty was involved just for the leasing aspect right? Maybe they could step up into a bigger role on this? Although, I’d prefer not if that would that be at the expense of their plans for Smoky Hollow Phase 3 tower.
2 Likes
Yes, Kane’s only link was the leasing aspect.
Preferred Apartments bought the Captrust building not to long before the pandemic. They set a record for the triangle in terms of $/SF, so you have to assume they did not make out good in this deal.
1 Like
I was never in love with this building, particularly on this site. I was resigned to it, but I can’t say I am disappointed. My priority for the next tall building is the N&O/Nexus block. I suspect that Kane might be building at Smokey Hollow before we get anything in the heart of the commercial district.
1 Like
I think that we all have to realize that the world has changed, and we likely won’t know the full impact for some time to come. For those who envision a new Raleigh skyline filled with gleaming office towers and tens of thousands of workers coming into Raleigh daily, I’d recommend trying to pivot your expectations through 2025. It’s going to be a rough few years for commercial real estate until everyone figures out what’s next.
In the meantime, it’s really good news that people are flocking to Raleigh. Some cities will see a collapse of their commercial real estate and an outflow of its residents. Raleigh isn’t facing such a dark future, and it doesn’t have such a huge portfolio of office space that its market faces as bleak of an immediate future as many other places. Hopefully the city pivots and focuses on residents in its core, their experiences, and urban neighborhood building a la what’s been happening in the Warehouse District and Smoky Hollow as of late.
14 Likes
Rest in Peace 121F. No way this is happening now. Doubt Highwoods will take up the project.
Well I guess this is it. Now that Seaboard is being constructed looks like only Salisbury Square is expected to break ground in 2021. I walked around there yesterday and there was zero activity on that site.
1 Like