I truly- truly do not understand Highwoods “strategy” of just letting this lot sit empty and wasted for what must be at least a decade at this point. Please just sell the damn land to a developer that will actually activate that corner, for the love of god…
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Because one of the founders and current chairman of the board at Highwoods doesn’t need the money.
He has multiple avenues for income, things might be different if this wasn’t the case.
One of the easiest but also most difficult attributes of a successful property management company is patience.
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Not sure if the personal wealth of the CEO matters as much for public companies with hefty dividends.
Downtown Raleigh Quarterly report shows huge growth!
“ The downtown residential market is at 95.2% occupancy and has 1,006 residential units under construction. This includes 442 units at Platform, downtown’s largest multifamily development to date, and 400H, a mixed-use development with 242 residential units. Both projects broke ground this quar- ter. An additional 4,480 residential units are currently planned or proposed in downtown.”
“ Overall, there is over $4 billion of investment in the current Downtown Raleigh development pipeline. This includes $929.2 million in projects completed since 2019, $652.8 million in projects under con- struction, and $2.5 billion in proposed or planned developments”
Fun times ahead!
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Can’t wait till 400H fills in the gap next to the Holiday In. Starting to look like a real city!
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For a quick second, I thought that you meant the road. Yes, it’s filling up!
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haha, that is exactly what I thought too. Like, “look, people are going back to work/office!!”
The skyline is looking great!
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The Downtown Raleigh Alliance released their quarterly report today.
https://downtownraleigh.org/do-business/reports-publications-and-plans#QMR
Basically every metric is up vs last year as far as foot traffic, occupancy, and activity!
Also are those old renders of Park City South?
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To be fair, comparing to a quarter that was still largely (even de facto) on lockdown is an easy thing to do to make your data look impressive.
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Interesting opinion piece about DTR:
https://www.newsobserver.com/opinion/article278715324.html
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Meh. So the author noticed a building is empty and found out that a worldwide pandemic and inflation are factors as to why. It’s a challenge some of us want to tackle rather than sit back and write off downtown as doomed.
Thank you for your comments.
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The State of Downtown event is next week. State of Downtown Raleigh | Downtown Raleigh, NC
Looks like a good list of panelists and speakers. Although I couldn’t help but laugh at having someone from Highwoods on there.
And this tease from the DRA - wonder if anything different or new that we don’t already know about:
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Doubt it. I was thoroughly unimpressed with last year’s depiction so we’ll see if it got any better this year. My money is on no.
I would assume most people (expect this forum) have no idea that RUSBus has a groundbreaking in October. That might be their big announcement, or maybe some renderings from their two plots at end of Fayetteville St. they have decided upon.
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-several buildings getting built
-more residential coming online than ever
-vast projects expanding the urban footprint in neighborhoods outside downtown
-downtown surpasses pre pandemic retail numbers
N&O: “Downtown is really struggling. No one is building in this exact spot here”.
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Agreed. It was nice for me to see someone else talking about the importance of the N&O block, other than myself and folks here. The collapse of the Nexus project - or whatever has happened - is frustrating. I try not to beat a dead horse, and maybe we’ve dogged a bullet by not having a very large office tower going up in a truly challenging office market. I really hope that the delay gets us something better in the long run.
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As expected, the grand reveal of the “future skyline” is nothing new and about as vague as you can get. And doesn’t even seem accurate for the projects it does show.
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They really ought to build in a minimum confidence level to be included on this. If the Edison building on Wilmington proposed by Highwoods gets built in the next 5 years I will eat my shoe.
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