For that to happen demo and significant sitework will need to begin this year for sure but these large projects will take a minimum of 4-6 months get through the site plan approval process.
At this point, actual 250 ft buildings are much better than wishful pipe dreams. For skyline purposes, Iâd like to see 1 legit 500 ft tower (not a 400 footer with a thin 100 foot spire) within the next 5 years. Either way, very happy there are real projects going up.
Further proof that height is handicapped by a restrictive UDO. The current designation of this block caps height at 250ft. without a rezoning request. Proposed building height just happens to be 250ft. Coincidence? I think not. The developer is literally using every inch of height given with out a re-zone. Donât look at floor count, look at maximum height allowed without begging the city for more. That is what is driving this conversation.
Iâd say yes, in this case, the zoning is capping the office building since itâs being built on spec. If there was pre-leased space, then there would be a rezoning application. Our market right now just doesnât justify it for developers.
Step by step. Other than Kane it took several out of state investors to get out of the standstill and build some 10-20 story buildings. Hatem, Lundy, Sandreuter, Highwood are sitting on land and wonât do anything without large commitment. It will take even bigger out of state investors or large anchor tenants to build 20-40 or even 40+. Either of those will happen in time once Raleigh is perceived sexy enough
Slightly off topic, but I didnât realize that the same developer also owns 1.16 acres at Davie & McDowell intersection.
I would agree Mike. However, I would say that we never can really know what the market demands if the policy is so restrictive that developers would rather choose to cap height at a given maximum versus going in front of the city to kiss their ring by an over regulated process that will take months and months (only to potentially lose in the end when a certain council member demands, âshave off two floors and no barsâ).
IMO, THIS would be the perfect location for Raleighâs âSignature Towerâ
Itâs zoned for 20 like everything else, so set your expectations accordingly.
14 story parking deck. Calling it now.
With a giant barrel monster on top!!!
And a thin hotel surrounding it. Made entirely out of extra EIFS left over from the Convention Center hotel.
I canât wait for the too large ground floor store fronts that will still empty for 5 years.
âThe development teamâs desire to move quickly also might be part of the reason they have decided to forego a rezoning request for the project. Under current zoning rules, the height limit on the property is capped at 250 feet. Developers could have asked the city to allow taller buildings on the property, but that process can extend a projectâs timeline and potentially open the door to political debates over development.â
New article on the Nexus from Biz
More information regarding the timeline of the project in the article.
âThe development team plans to break ground on the first phase in the fall and complete construction by late 2021.â
âTwo of the buildings in the second phase will rise 20 stories and the maximum 250 feet in height permitted under current zoning, while the fourth will be a 12-story hotel. Construction on the second phase is expected to be complete in early 2022, Perry says.â
Those are ambitious goals for the next 3 years.
Wow so by fall Nexus and 301 should be rising. That will be impressive to see.
I was just about to post the same quote! The timeline of the second phase has been elusive thus far. If the first phase will take about two years to construct, then, assuming it follows a similar timeline, we should possibly see construction on the second phase start sometime next year?
Exciting stuff. I havenât heard of a tenant yet, so either itâs not been announced or theyâre going spec?
Anyone got an idea how many cranes they will need put up four buildings almost simultaneously at this site?
If the parking is a shared underground deck for the whole site, then we can rule out any rezoning applications for later stages of the project.
If the first building goes up, and the economy nosedives, and another company takes possession of the site after sitting empty for a few years⌠wonât matter.
Just as the parking deck for Charter Square locked in its potential height, this will do the same.
We must move to smaller footrprint storefront options. Hopefully the architects will build in that flexibility for the landlord.