I’m well aware of the ownership structure. Controlled, yes.
So what, if anything, could lure FirstCitz to look for a new HQ downtown? Or is a 3-car garage and a big back yard for the kids just to much to give up? Indeed, where would their building go? The N&O block is the first thing that comes to my mind, though I like what is planned for there. I think location with in downtown would be important, and I also can’t imagine they will move back DT, but one can dream.
Alexander Deck would be a good location…
Interesting article from 1998 about the data center off Hammond rd https://www.bizjournals.com/triangle/stories/1998/07/20/story6.html
“The bank considered a high-rise office building in downtown Raleigh, but decided against it because of the soft real estate market there, Bubin said. The bank still owns the building on the Fayetteville Street mall that houses the downtown branch.”
Well the RE market is soft no more in DT. So bring it on
Thanks for the article. They’ve bought many banks in the twenty years since that story was published. Their headcount in back office operations must have increased significantly.
As a Raleigh based bank I hope they would consider a signature tower downtown and set their mark
They should tear down their 4 story ugly thing at 233 Fayetteville and build a HQ skyscraper. That idea has my whole hearted endorsement.
I’d like to see that happen as well. Their building on Fayetteville Street is on 0.20 acres and zoned DX-40. Underutilized property, I’d say.
There you go, the perfect location. Their current building there looks like it belongs on the State/Halifax mall!
It is also in the ugly category.
At this point with downtowns moment and I can’t believe they don’t want their name in the sky here. Downtown will soon pass RTP as the largest employment center in the Triangle. BB&T, PNC, and Wells get instant recognition for their towers when someone see’s the Raleigh skyline. I’m surprised we haven’t heard anything about First Citizens staking their claim.
I’ve been thinking this for years, but their priorities haven’t seemed to align with mine. I’m really hoping they start to see things that way!
How are you assessing this very interesting point?
Plus I’m sure Kane would love to get his hands on the FC campus in North Hills. There are three buildings on 2 blocks surrounded by a ton of surface parking right in the heart of Kane’s North Hills empire.
I think JK would love to build FCB a new HQ…anywhere! Lol:
Yeah I’m sure… He could build them a new tower downtown. And then redevelop their NH campus into more North Hills.
About 1,500 at their data center and 400-500 in North Hills HQ.
The time of banks owning all their own real estate has passed…so maybe that’s a possibility. But, 1st Citizens doesn’t seem to ever sell much of their real estate.
State of downtown 2018 report but the total number of workers downtown at 47k. ResearchTriangle.org approximates 40-50k workers in RTP as of February 2019. I’ve seen other sites say RTP has 50k workers. So yeah it’s close and I would say DTR has more momentum.
The idea has merit, although I imagine Kane would be just as happy to build them a new HQ at North Hills. I think I heard somewhere that FCB management is old school and prefers the suburbs. Sort of a “Downtown is full of homeless, hoodlums, and lib’ruls” thing. Not sure if that is out of date or was ever even accurate in the first place.
If the family ever loses or gives up control, I would not be entirely surprised to see the company decamp for Charlotte. So let’s just be glad for their conservatism in that sense.