I agree, I think it would be nice if the Fayetteville St. and Warehouse districts were zoned for 40 stories (MUD) with the remaining districts being zoned for 10 or 20 stories (MUD). There would obviously have to be some wording in the code protecting existing non-conforming structures, so that existing buildings can still be expanded (if desired).
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I would vote for you as King of Raleigh on this policy alone! 
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From a developer’s perspective, getting a 40-story zoning instead of a 20-story zoning can significantly increase a property’s value, even if they don’t intend to build 40 stories. The additional entitlement creates optionality and can demonstrate that the site has substantial development potential, which then supports a higher land valuation and favorable financing. A developer will always ask for the highest achievable entitlements on property regardless of their plan because not only do strategies change, but removing “restrictions” on land is a great way to create value.
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I get all that but… once they build a 12-story building here, isn’t that all null and void? That 12-story box is gonna be there for 70 years.
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If the property value is increased, won’t that increase property taxes and affordability for the future tenants and/or owners?
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It increases value in the eyes of the next potential developer, not appraisal value. Similar to a property having a dilapidated building on site, the appraisal would be the same, but a developer would probably pay more if it was already demolished.
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Is the concern not packing in more density on this lot, or just a general preference for very tall buildings in downtown?
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I mean the office real estate market is kinda shit rn so I’m surprised they are building this at all. If they just needed more office space there are plenty of cheap buildings to choose from.
Also, replacing a parking lot (one of our uglier ones) with retail and office workers is a huge win in my book.
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Does a rezoning initiate a new appraisal? Seems like this would somewhat help curb speculation.
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Not until the next regular reassessment, which are in 5 year intervals for now. And I’m not sure how much the assessors office would value spec zoning, that’s pretty attenuated if you can’t actually build to zoning.
As the saying goes, “if you’ve got a tax problem, I’ll trade you”
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In short, YES. lmao - it’s 1000% not dense enough especially after going for a 40-story rezoning (HALF of the building will be parking deck that will probably never be completely full of cars). At the VERY LEAST I’d like to see them put up a 21-story building, considering it was likely previously zoned for 20-stories. But a 12-story building? Just a waste of a prime lot that is now able to be built-by-right up to 40-stories. Insane waste.
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I still can’t believe a developer is taking the risk and building an office building. The last solo office building we got was 301 Hillsborough. Almost 6-7 years apart from completion.
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Isn’t the building that is going up with the Peter Millar company?
I hear ya on the parking part but also 12 stories is still a lot of density and the most important thing is bringing more people into downtown and projects being successful. We clearly don’t have the demand for 40 story office or residential downtown right now. This also is a dead part of DTR, so filling it in with something like this will go a long way to continuing to fill in these dead pockets.
I continue to think people vastly overrate very tall buildings being the primary solution to increasing density and underrate these mid-height projects and generic 5 over 1s. I also think we overrate the aesthetic appeal the skyscrapers supposedly bring with them. You can have an aesthetically pleasing and vibrant downtown without 50 skyscrapers. Other than PNC all the tall towers downtown are pretty ugly as is and I prefer the look of some of the smaller developments over last 10 years.
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Remember though - this is really 7 stories of density. 5 entire floors of this building will be parking. In a city that has so much parking that no single deck is ever at full capacity. That’s one of my biggest issues with developments like this. It’s a box on top of a box, and will look like it - they never design these parking podiums to actually look integrated into the building, they look like parking podiums with a little box of a building on top.
Big Dawg, you’re letting the perfect get in the way of the good. If wishes were horses then beggars would ride.
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I agree with the parking concerns. Somehow Madrid and other places have figured out how to put all parking underground but we just can’t seem to
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I’m beginning to think we are just a 12 story kinda town. Like no one really wants to do much more than that right now (with a few exceptions). So it’s not about the zoning. It’s about the appetite of those developers doing the projects. And they are not biting on these 40 story buildings even if the Council is allowing that per code. I think at some point we go from denial to acceptance on that front. At least until something changes in the market.
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They may be betting that, as Raleigh continues to grow, the demand that isn’t there right now will be there in a few years and supply won’t have caught up because no one else is building office right now
Counterpoint - Recent 20-story buildings:
The Mauve
The Ray (The Weld)
The Holston (The Weld)
The Omni is 29 stories.
The Creamery is 37 stories.
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