Again, and pardon me for trying to be optimistic, it is still very possible that theyâre moving forward but not immediately, and they just wanted to do the demo before the permits expired. Renting fences for 6-8 months and keeping it active maybe doesnât make sense, but theyâll be back once construction permits are submitted and approved. Or theyâre just using the demo permits to make it easier to sell and we get nothing for years. 
I really love you being so positive on this one. Iâm going to let you have your moment in the sun since you are usually not this happy go lucky. May the force be with you. And with the 501 project!
I mean, if they were just going to unload the property and never do anything with it, they could have saved a lot of $ by selling it empty and âas is.â The fact they did the demo before the demo permit expired tells me they have an intent to do âSOMETHINGâ but I wonât hate it if they go back to the drawing board for something bigger and better that takes longer. At least weâre getting a bit of momentum with a number of residential and hotel projects finally getting under construction. I have confidence theyâll build something here soon enough.
Looks like this has officially stalled. Hopefully weâll see a redesign at some point.
Wow Jake will be shocked!
It says this parcel is zoned for 40 stories, but the proposal was for 8, and the rendering shows 6 (maybe from one elevation). Iâve also seen more recent renderings that show beige and brick instead of the bright green and white that wouldâve at least been unique. Maybe this is for the best. Iâd much rather have a mixed use tower than another bland 5 over 2 apartment.
Yeah, could be a blessing in disguise. If itâs zoned for 40⌠USE THE ZONING. WTF??? Glad that generic 5-over-1 ugly shit has stalled, tbh. But this is Raleigh. Be ready for this giant dirt lot to become a gravel surface parking lot for the next ten years and then a 20-story box (half of it, of course, being an unscreened bare-concrete parking-deck pedestal, OF COURSE!) with probably $4,000/mo studio apartments (in 10 years that ought to be the average price, here, no???) 
Iâm fine that it stalled if we can get a taller development, but Iâm a bit frustrated with the âdemo and waitâ model if the development plans are going to change and take years. It would have been a valuable add to preserve the prior building facades and incorporate into the development IMO.
This group simply doesnât have approved building permits. Never have. It appears theyâre working through the process. These kinds of permits take forever!! Iâm shocked that this got so far as to have an article written about it when the information is publicly available.
Seems our groupâs speculators are now the source for news.
Welcome! You must be new here. Raleigh loves this model! 
OK now youâre just TRYING to upset me 
Is there not a tax solution to discourage things like this? Seems like such an easy fix to jack up rates on undeveloped land, but Iâm not a tax policy expert
I think Detroit has something similar to that in place to prevent more lots from being left vacant and/or to prevent property owners from allowing their properties to become too decrepit.
North Carolina law allows for various kinds of property tax exemptions, exclusions, and reductions, but aside from defined districts AFAIK thereâs no provision that allows taxes for a class of properties to be increased above the base rate. Counties and municipalities can do only what state law allows.
Yes. Iâd love a land value tax, but weâd need State authority.
I was about to respond that this needs state approval, but that Iâd seen you mention this idea before. Beat me to it! 
I suppose that, if Iâm correctly reading between the lines on this, the state is not likely to support a land value tax?
Under the current Republican regime in the General Assembly, I donât believe there is any chance of it. Even if it were adopted, there could be a court challenge under Article V, Section 2 of the North Carolina Constitution. The General Assembly may grant a county or municipality the authority âto define territorial areas and to levy taxes within those areas,â but it would be a stretch to apply that to vacant lots. Then youâd be looking at a constitutional amendment.
Both state and federal gov have countless special taxes rates, provisions and tax breaks for all sorts of reasons. But a city or local government canât?