What makes you say tentative start for Walter?
@Kanatenah Yes, thanks for the correction. I talked with them last night about the start date but put it down wrong.
The Cardinal expansion doesn’t start until 2020.
Regarding the Walter, I listed that as ‘tentative’ as the TBJ subscriber article from last week talked about the imminent start of the project. With Tower 4 going so well, they are starting the pre-leasing on Tower 5. And the Walter will be connected to Tower 4 through the integrated parking deck so the Walter is a very complimentary project. Kind of like The Cardinal expansion, where demand is so high for residential that they went from 15 stories to 18.
5 Likes
That makes more sense. Thanks.
1 Like
The Walter has been submitted for a building permit. So, they are moving ahead.
10 Likes
Yeah with tower 4 being 85% leased and still a year out from opening I would expect them to get moving on tower 5.
2 Likes
That’s what makes me wish they had gone bigger with tower 4 I would have rather had it be 30 stories then tower 4 and 5 separately.
1 Like
Coastal Credit Union’s rezoning submission for 1100 St. Albans (3.39 acres) calls for a max of 400,000 square feet of office and 360,000 square feet of parking structure. There is a specific mention of 7,000 square feet of active use in the parking garage. Perhaps this will be a bank branch. Beyond that, given that they are a bank and not a developer per se, and that this would be an overall floor area ratio of 5.4 for the site, I would go out on a limb and guess that that is their full development program for this block; no residential and no significant retail component beyond the 7,000 square feet in the garage is likely.
Coastal has two lots totaling 10.8 acres fronting St. Albans. I would like to see them come up with a cohesive master plan that builds on the other nearby developments in varying stages of planning and execution. The spot where their existing HQ is has a big parking lot that would be a great candidate for infill. There is also another ~5.7 acre undeveloped lot behind them that would be a no brainer to roll up into a big project. A 16.5 acre assemblage in this location could become quite the showcase in the hands of a developer like Kane (North Hills) or DeWitt (Midown Exchange).
5 Likes
A little math: 400k square feet of office with the UDO-specified parking ratio of 1 space per 400 square ft would mean 1000 spaces.
A pretty typical ratio for parking garages is 360 square feet per parking space. Meaning 1000 spaces.
The math adds up.
1 Like
That’s a shame. Though, that does seem to be the way these non-downtown towers go (save for large-scale planned developments a la North Hills).
Based on examples elsewhere in the Triangle, I think smaller/local companies or those with locals HQs in this configuration want:
- a building that looks impressive on the drive up to it (compared to what else is around). The locals (who are the ones using CFCU anyway) will know where it is, and they aren’t really advertising to out-of-towners anyway
- without the downtown price tag (and if this bank sticks its tower next to another bank’s tower, maybe they worry that it’ll be a bit too easy for their employees to be poached and/or salaries driven up)
- they aren’t interested in being a landlord; retail, residential or otherwise
2 Likes
There’s a house on this land.
Fair enough! Missed that looking at aerial photos on Google maps. Is there anything significant or historical about that house? If not, of course the owners are welcome to live there for as long as they please, but you have to figure they will sell for development at some point. For now, either call it under-developed, or say that most of the land is undeveloped.
I was fully expecting a building by itself surrounded by a surface parking lot, similar to what’s next door.
Stole this from city data but looks like Sherwin-Williams is hiring for a location in midtown. They were considering moving their HQ out of Cleveland earlier in the year but I’ve never seen Raleigh as a potential option, though this could just be a non-HQ office.
https://jobsearch.sherwin.com/en/job-description?jobNumber=19000KWX
6 Likes
sounds like a sure win 
3 Likes
Even a Sherwin-Williams IT hub would be a big win.
6 Likes
Just noticed that whatever was at the corner of Browning Place and Six Forks (just east of the Beltline where all the medical offices are) has been demolished. Anyone know what’s going there?
5 Likes
Cary approves rezoning of Cary Towne Center Mall
https://www.google.com/amp/s/amp.newsobserver.com/news/business/article238349258.html
4 Likes
I believe that it is going to be a new location for First Bank and to be their Raleigh main office. 3-story auto centric design if I recall.
1 Like
It looks like The Walter tower’s permits are ready to be issued. Maybe they’ll start site work at the beginning of the new year.
8 Likes