This one may not just be a zone and flip. The article states that although they don’t have concrete plans, they are leaning toward apartments. Currently zoned for 12.
“Right now we’re doing an extensive market research study and leaning heavily toward multifamily apartments,” Wright said. 'We want it to be an amenity-rich, high-end project."
The company has already begun a nationwide search for a high-end restaurant tenant to sign on to space on the ground floor."
That appears to be correct at least for what has been approved (include RUSBUS of course). I also think that’s the “only” 3 that are in process as well.
Back in June, GoTriangle’s board meeting revealed an idea where cities and counties in the Triangle can seriously plan developments, housing, and transit together under one flag. This “Connected Region Guide” (just a temporary name for now) could improve the ways we just build things beyond the piecemeal approach we take today.
The Triangle J Council of Governments and GoTriangle are committed to this initiative, and RTP, the RTA, and NCDOT are unofficially helping out. They want to apply for a RAISE (formerly TIGER) federal transit grant through the FTA. If they win, it’ll help us come up do this:
Looks like a preliminary agreement has been reached to sell 400 W. Morgan Street and 401 Hillsborough Street to a local group including David Meeker. Scheduled to close next month.
I’d really like to see a mid rise multi use building on the Morgan half of this block and see the Hillsborough half stay as low-slung storefronts…Guess we’ll see.
I’d like to maintain the variety of businesses on Hillsborough, but the street is one of Raleigh’s most important thoroughfares and gets the great sightline on the capitol. Go tall!
This one is apparently JUST now getting to the neighborhood meeting. Per RALToday:
A rezoning request to give 316 W. Edenton St . a 40-story height limit will be discussed this Thurs., Nov. 18 from 5-7 p.m. in a virtual meeting. The neighborhood meeting, intended for owners + residents within 1,000 ft. of the property, is the first step prior to a Planning Commission hearing.
I’ve always noticed that when people rezone for bog projects for 40 stories they sit on then and just let it collect dust. Goodnight’s, Zimmer, 327/323 West Morgan. Is there a lack of demand for office space is there something we can do or the city can do what’s going on with this dilemma. I emailed Zimmer I haven’t heard back from them on 400 Capital Blvd so what causing all of this when our city is growing?
I’d say it’s money and flexibility. Also happens in a lot of other cities. Even if you sit on it, your land value is way higher if you have better zoning conditions.
buy a nice piece of land, rezone and then sell it to make a few million dollars. There is demand in office space but it’s typically in tenants that are looking for 25k square feet or less which is about 1 full floor. Look at some of those buildings that have tons of square footage just sitting empty such Raleigh crossing, smoky hollow, dillon.
To build a 40 story office building, you will need to land an anchor tenant to take at a minimum 40-50% of your building otherwise why would developers throw millions of dollars to build office towers and let it them sit there empty? Also - banks won’t finance deals unless you have some sort of commitments from potential tenants.
In order for someone to build the next building they have to make sure they have commitments for leasing, funding (equity and debt), and making sure the rising construction costs workout for their underwriting. There is A LOT of boxes that need to be checked in order for us to see shovels to the ground.
Remember that they’re single cities - add all of Durham’s construction in with Raleigh’s to get a fairer comparison. Even then, Austin’s growth is a unicorn - both in terms of people and in terms of the corporate emplyer base.
