The Hillsborough (Reynolds Tower)

[RaleighRob]

And who knows this block may not be there last for downtown Raleigh?

[Jones_]

For real...if this turns out great, then I say we recruit them to just go along the street and fix up the rest of Hillsborough. They could probably do better than the city is.

[ChiefJoJo]

BTW, the Reynolds Tower II proposal (that's all it is at this point) topic is --> here.

[sax184]

I just saw the NBC 17 video. 5 story parking deck included in the building...aargh. I'd love to know how much potentially more tax revenue could be generated in downtown Raleigh if we had a parking freeze and we developed land for office/retail/residential instead of car storage.

[only]

The Reynolds project was approved, but with the condition that it revise the Hillsborough St streetscape... save the oak trees and maintain the sidewalk pattern (brick).

[ncwebguy]

630 North had a small, "for sale"-sized sign on the Boyland side. I was driving, so didn't get too good a look at it, but I think it had a rendering on it.

What has held up the St. Mary's condos? Financing? Design? The 75 units in just over one acre seems to account for all density bonuses that project would be entitled to.

Are parking structures taxed at all? Or are their value set lower than current market value of approx. $20,000/space? There is no available "shared" parking in the area yet... The city's deck on Morgan, Hillsborough Square's two levels, and the spiral deck around Clarion are the only available spaces now and are spoken for. The Nash is only building enough parking to suit its own needs.

A "shared" deck built on the Hargett/Harrington/Martin/West might be too far from Reynolds Tower, but could support the TTA stop, the CAM tower, and other warehouse district projects in the future.

There wasn't outcry over the Reynolds Tower's approval (or mockery of the planning process) becuase:

- no council members asked for a committe review

- no council members were directly approaced with campaign finance assistance

- financing is already in place

- proven track record in the area (Quorum Center, etc.)

- no direct or indirect incentive requests

- Hillsborough Street is in no danger of flooding (melting polar ice caps nonwithstanding)

- existing infrastructure (Morgan/Dawson/Hillsborough) can handle increase in pedestrian and vehicle traffic

- adds density to the central business district

- will not seem out of place

- returns use to property held by the city for years

- improves pedestrian friendliness and street level retail.

- plans have been the same for years -- it is not a recent change from rennovating the existing structure

[carynative]

I'm glad to see the new project timeline for this tower. Any word from the insiders on who some of the corporate tenants might be? Also, any word on the hotel chain (presumably) that will be occupying this building. It would be good to have Hilton, etc. come into downtown.

[ChiefJoJo]

I thought some would appreciate a larger rendering (click for full image):

[urbanvb]

Wouldn't it be awesome if the tower really is lit up like that?

[Eastwestrob]

Wouldn't it be awesome if the tower really is lit up like that?

[Damien]

I kinda think it has an iconic look to it as well. It's a simple shape, but its very sleek and elegant at the same time. Thats a good thing since I see that area becoming the center of the skyline over the next 10 or 12 years. We will probably see a few 20+ story buildings in Glenwood South in the next decade which will put the northern section of the Warehouse District and the southernmost parts of Glenwood South about dead center in the skyline..which is another good thing because that means we can create the center focal point of our skyline almost from scratch. Hopefully the city coucil will demand that all buildings in that area be outstanding architecturally

[Eastwestrob]

Hopefully the city coucil will demand that all buildings in that area be outstanding architecturally

[willrusso]

Thanks for sharing the rendering. I wonder if the 15 story building Reynolds was talking about is still in the works.

[bj-26]

Nothing has been said about this project lately, but honestly, I am much more excited about this tower than any other downtown. Once built, and based on its location, it will probably dominate Raleigh's skyline.

I'm trying to remember if the 15-story second building (in the planning stages) will be on the same block, and if it is, is it possible it could become a twin to this building, on the other side of the planned parking deck (increasing it to 32 stories also).

[ChiefJoJo]

Last I heard they were working out the streetscaping on Hillsborough. No permits applied for yet. Sometimes the process can take a while, especially for such a large and complex structure (multiple uses). David Reynolds told me his target was to break ground by July 1.

I've thought about the Reynolds Tower II proposal (that's all it is at this point), and if they do follow through with it, I really hope they can find a way to move the old brick home at 327 Hillsborough across from 2nd Empire. I pass by it everyday and it seems to be in perfectly good shape. Jones133 could probably chime in here...

[Jones_]

Last I heard they were working out the streetscaping on Hillsborough. No permits applied for yet. Sometimes the process can take a while, especially for such a large and complex structure (multiple uses). David Reynolds told me his target was to break ground by July 1.

I've thought about the Reynolds Tower II proposal (that's all it is at this point), and if they do follow through with it, I really hope they can find a way to move the old brick home at 327 Hillsborough across from 2nd Empire. I pass by it everyday and it seems to be in perfectly good shape. Jones133 could probably chime in here...

[orulz]

Maybe it could be donated to the developers of Blount Street to fill in another gap over here.

[ncwebguy]

The area on East Street (the Good Sheppard's chapel new home) doesn't have room for a structure like this. The closest would be the York owned lot between the fire station and New Bern Ave. The fire station will eventually be consolidated with the one across from Nash Square, so that could be a good location. Moving it down Morgan to New Bern would be pretty easy too.

Blount Street would be good as well, but there might not be any home site spaces left. They want to recreate a "millionaire's row" on Blount like the one that existed on Hillsborough Street, so it would be right at home. Another location could be created by knocking down the shop east of Domicille, moving the house a few blocks down Hillsborough.

[Subway Scoundrel]

That house gets overlooked as part of the row of mansions that used to line Hillsborough St. The Democratic party headquarters, Second Empire, Elmwood and to a lesser extant the old Domicile space are the ones people talk up. I do not know much of the history on this one myself but it appears to date to somewhere from 1900-1920 based on its colonial revival architecture. At 6792 sqft it is is similar in size to the Democratic party headquarters 7116 sqft, both quite large mansions. Wake County tax records show the second earliest deed dated 1911 so this is in line with my estimated date. Also based on the deeds it looks like it was occupied as a residence until 1969. It is a gorgeous brick mansion that I too think should be moved, possibly over behind the Federal building with the Church of the Good Shepard and others that have been saved over the years. Maybe it could be donated to the developers of Blount Street to fill in another gap over there.

[Jones_]

brick houses are very hard to move and expensive as usually, if not always, the brick has to be taken off before the move and then put back on. I did not think that house was in the way of the Reynolds project? I guess I was mistaken. I see that house and think it is a great house but not sure if it will stay or go.

[NY2NC]

I see its been changed again, orig proposal submitted to City called for 273,000 sq ft of office/retail/hotel/condo and no less than 385 parking spaces. New proposal states 200,000 sq ft with no office component and only 200 parking spaces. Wonder if this will change height/# of stories of bldg?. New site plan to be submitted by Sept. 2007. New completion dates projected to be Jan 2010.

[bikwillie]

That's bad news. That must mean they lost the office tenant they had lined up. What does the later completion time mean for the deal with the city?

[CHGuy]

I see its been changed again, orig proposal submitted to City called for 273,000 sq ft of office/retail/hotel/condo and no less than 385 parking spaces. New proposal states 200,000 sq ft with no office component and only 200 parking spaces. Wonder if this will change height/# of stories of bldg?. New site plan to be submitted by Sept. 2007. New completion dates projected to be Jan 2010.

[NY2NC]

I got those figures off the City Council agenda for this coming Tuesday. I work for the City

[avery]

I got this off of the city website's current city council agenda for May 1st.:

Amendment to Offer to Purchase and Contract for 301 Hillsborough Street

On June 20, 2006 Council authorized staff to negotiate an Offer to Purchase and Contract with Hillsborough Street Partners, LLC for private sale of property located at 301 Hillsborough Street. The Offer to Purchase and Contract was signed on July 17, 2006. The Offer to Purchase and Contract included a calendar of milestone/target dates for the project. The date for site plan approval was met in February 2007. The Developer has proposed an amended development concept which affects the original development schedule.

The initial contract called for a mixed use development consisting of 273,000 square feet of retail, office, hotel and residential space with no less then 385 parking spaces. The revised development proposal consists of approximately 200,000 square feet of retail, hotel and residential space with no office component and 200 parking spaces. This new concept will require a new site plan approval which is projected to be September 2007. In addition the new development schedule has two critical dates that are at variance with the original schedule.

The proposed schedule would move the completion date of footings from January 2008 to April 2008 and the issuance of permits for the shell construction from October 2007 to January 2008. The new schedule contemplates a real estate closing in September 2007 and the completion of residential construction by January 2010. Revised profiles and concept design sketches are not available at this time.

Should the Council wish to consider a revision of the Offer to Purchase and Contract to accommodate the changes proposed above, it would be appropriate to call for a public hearing on the proposed changes to enable the private sale and authorize the City Manager and City Attorney to develop appropriate amendments to the Offer to Purchase and Contract.

City of Raleigh Agenda and Minutes

Sounds like bad news to me...