Other developers that have said they are fully funded and flush with cash have bailed (Tidal), so it’s not a guarantee necessarily. Just adding some confirmation that amongst the projects I heard are stalled/cancelled, this one seems to be proceeding.
In other words, enjoy the density of cranes while we have them.
I guess all the people freaking out about the demolition of this historic landmark get a reprieve for a while.
I suppose the constant talk of an imminent recession hasn’t helped even though the economy is actually still going gang busters at the moment.
Economy seems gangbusters.
Businesses are seriously tightening the wallet to maintain earnings targets for the year.
The impacts of those cost cuts aren’t hitting yet.
The high interest rates are a huge drag on development I’d assume.
They should just pivot to apartments.
Kills me that people are up in arms about this building and referring to it as such, when it was built in the 1970s alongside at least 10 other nearly identical clone copies around the US. It’s basically what Skyhouse was in the 70s, but for hotels. Yet I hardly see any outrage or public outcry about the Berkley Cafe building, a building that is literally 100 years old and being demo’d for a parking garage entrance, nor the old Goodnights building before that was needlessly demo’d, another actual 100 year old building with a unique history of uses to it. Seriously maddening.
IIRC, there was to be a 5-over-1 style base of aparments, with the Kimpton hotel tower popping out from within. So be careful what you wish for, or this could end up just being the 5-over-1 
It’s coming up to an election year. They are trying to will the economy into a recession for political reasons. How many months/years now have we heard that we are in a recession without one actually happening?
I mean… there are 1000s of buildings that look just like the Berkeley Cafe building. That style was the equivalent to 5-over-1s today. It not being a unique building type isn’t the best argument.
The Goodnights building was much more one-of-a-kind, that one makes me sad. Especially since they haven’t done anything with the lot.
(And I, too, would like to see the Berkeley building retained, to be clear)
In the weeds here, but that kind of modification would not be nearly as easy as implied in this comment, so I’m not too worried about it.
If there was a base of apartments at the Kimpton, it’d have to be made out of the same concrete or steel frame as the hotel above, so not 5-over-1 construction. If they were to nix the hotel and go just for a shorter wood-framed building, it would basically be a brand new project starting from scratch.
Very disappointing. Just add it to the list of hyped projects that never actually happen downtown. I’m frankly getting pretty sick of it. This phantom recession and everyone waiting for perfect conditions to arrive and stay for years in order to build anything is maddening.
It seems to happen more in Raleigh than any other city.
We have more cranes in the sky than ever…
While it is true that there are a # of cranes up currently, the fact remains that Raleigh seems to have more announced plans fall through than anywhere I am aware of. As a somewhat casual observer, why is that? To me, it seems one factor is that whenever there seems to be momentum happening the economy has a setback, such as now, especially with interest rates as high as they are.
With Raleigh’s growth, the building should be exponentially higher as well. While I suppose it is somewhat true… the # of projects that never come to fruition is disappointing.
You may be right, but whats that based off? I’m not in any other city forums nor track any other city development so I can’t say one way or another outside of idle observation.
I am however excited for the current active development projects to be completed and filled and to see our city continue to thrive!
Short and to-the-point, I’ve been following Raleigh development since 2006 and projects always have been falling through or changing to a certain degree. This is just part of the industry. No need to be disappointed.
So true. It happens everywhere. Commercial projects can and often are fickle. Some of what we are seeing with the pull back may actually happen on down the road. And if not, there will be another project to take its place.
Nothing is really worse than the big hole in the ground in Chicago.
When the city has done everything to make downtown an activity deadzone. When the suburbs have better city services it’s no surprise.
Bars and restaurants…yeah so do strip malls. At least a strip mall has a better chance of having a movie theater or bowling alley.