I totally agree about the power lines. This redevelopment should be a great thing, when it happens, and as has been stated, there are some cool buildings already in the area. The Wilmont apartment building, at the corner of Shepard and Hillsborough (it's one of the pictured ones, the four-story building with wrought-iron balconies and a green roof) is a really neat place, seems to be in decent shape, and is one of the oldest buildings in the area, built in *I think* 1921. Some of the houses on Stanhope are not bad, and if the area becomes less run-down would appreciate quite nicely. And the Carolina Equipment building is big and solid, but I think slated for demolition since it lies in the "brownfield" area. If it goes, though, they really need to save the big tractor sign and incorporate it into the new development somewhere--that sign has been a Hillsborough street landmark since the 1950's if I'm not mistaken.
On some of the other buildings, I think they should just raze them and get a clean start. I'd like to see the Servitex building go, since it's large and rather unattractive, but since it's a functioning business, we might be stuck with it. There is very little worthwhile between Friendly and Carolina Equipment, so that seems to be the best place to put new projects of any scale (like Valentine's planned counterpart to UT). All things considered, though, just about any change will be positive, so I say go for it!