The Hillsborough (Reynolds Tower)

[Gard]

If thats the rendering for it, it will certainly make a nice addition to downtown!

[DwnTwnRaleighGuy]

I found this photo on Kling Stubbins website, and arch. firm doing some work on the The Hillsborough. Now this photo did not say that this was an actual rendering but, by looking at previous renderings and the site plan I have a gut feeling this is an actual rendering for The Hillsborough. If I am wrong... Sorry!!!

[Tayfromcarolina]

It is a nice rendering I must admit. Maybe they will place a sign up soon with the "Coming Soon" Quotes.

[DPK]

It does look right, but way to many floors? As the heading states, 23 floors!

[urbanesq]

Indeed, I count about 39 floors in that picture, not including the "fake floors" that are just walls of glass apparently on the top of the building. I think this has to have been an older revision/rendering before they decided on the current 23/so version. Then again, maybe they changed their mind. One can dream.

[ericurbanite]

...unless each floor is two of the horizontal sections, in which case I count 21 or 22, which is closer to its current incarnation?

Tough to tell from the rendering. I think I like the building design, I definitely like the glass. But it seems a little boxy, doesn't it? A little monolithic? Will be great to see it take shape, though.

And yes-- the earlier poster's thought of a coffee shop there would be ideal!! Law students tend to consume coffee by the gallon.

[DPK]

...unless each floor is two of the horizontal sections, in which case I count 21 or 22, which is closer to its current incarnation?

Tough to tell from the rendering.

[magicmk]

With the completion of The Hillsborough, and also The Winston, both of those buildings will fill in some space on the skyline and not only that, but help bridge downtown and Glenwood South nicely. In addition, it's also gong to finally give a portion of downtown a view from Capital Blvd as you come in from the north. Most of the downtown skyline is obscured until you get south past Peace Street. With the addition of The West and the Quorum Center, (along with the projects on Glenwood) it's nice to have a skyline view as you come into downtown along Capital Blvd. It's only going to get better with time.

[phoenixnc]

That looks kind of like the Soliel Center from that angle...

Great addition to the skyline. When is actual construction going to start?

[ChiefJoJo]

The site is completely cleared of debris and they appear to be grading the site.

Last schedule I've seen is from this post, but that may not have been final:

• real estate closing in September 2007

• the issuance of permits for the shell construction January 2008

• completion date of footings April 2008

• completion of residential construction by January 2010

As far as I know they have not purchased the site from the city and they have not applied for building permits yet, just a demolition permit.

[Jones_]

Same TBJ article I posted in the condos thread.

[JeffC]

Crazy that Triangle area developers working in our relatively quite healthy real estate market are being made to suffer for the wild excesses of boneheads and shysters in places like florida and california. That being said, if Reynolds and co. hadn't been screwing around for 4 years, they wouldn't have been caught by the current credit crunch.

My prediction: this never gets built (at least by these guys), and the agreement between the city and Reynolds eventually is dissolved accompanied by recrimination, acrimony and lawsuits. Anyone have an in on the city planning staff? How pissed off are they at the Reynolds' continuing delays?

Someone refresh my memory. Does Reynolds have ANY experience with complex development projects, or is 2nd Empire (admittedly a nice project, but nowhere near the scope of this) basically it?

City needs to pull the plug on these guys and hand the site to Roland Gammon or Greg Hatem.

[DwnTwnRaleighGuy]

Crazy that Triangle area developers working in our relatively quite healthy real estate market are being made to suffer for the wild excesses of boneheads and shysters in places like florida and california. That being said, if Reynolds and co. hadn't been screwing around for 4 years, they wouldn't have been caught by the current credit crunch.

My prediction: this never gets built (at least by these guys), and the agreement between the city and Reynolds eventually is dissolved accompanied by recrimination, acrimony and lawsuits. Anyone have an in on the city planning staff? How pissed off are they at the Reynolds' continuing delays?

Someone refresh my memory. Does Reynolds have ANY experience with complex development projects, or is 2nd Empire (admittedly a nice project, but nowhere near the scope of this) basically it?

City needs to pull the plug on these guys and hand the site to Roland Gammon or Greg Hatem.

[JeffC]

Quorum is a nice project, but didn't involve maddening interactions with a public body like the city of Raleigh...I hope these guys can pull it off, but they may have had their Peter Principle moment (aka risen to their level of incompetence)

[Jones_]

THis would be their biggest project to date but they also I think built and own the building behind the Quorum (it looks like a college administration building) and also accross Jones Street the David Reynolds building (built and sold to the League of Municipalities)....3 stories tall (at street level) next to the bus station.

Also, the Quorum appears to have 18 unsold residential condos still. I forget how many there were total (and did not count on the Wake County site like I did the unsold ones...its a pain because the parking spaces are deeded too) but that may have something to do with "difficult financing environment"

[RaleighRob]

Also, the Quorum appears to have 18 unsold residential condos still. I forget how many there were total (and did not count on the Wake County site like I did the unsold ones...its a pain because the parking spaces are deeded too) but that may have something to do with "difficult financing environment"

[ChiefJoJo]

Here's the N&O article. It compares and contrasts the Hillsborough with Lafayette, since both are to be built on city-owned land, and both require extensions of development deals. It looks like Reynolds will ask to extend the deadline to begin construction until "winter."

While this latest delay is somewhat beyond their control, it doesn't help their standing with the city that they have now asked for so many delays, after a seven year flirtation, that I've lost count. Plain and simple, the Reynolds Co has not been able to execute this project in a remotely timely fashion. Had they just forgone their fleeting pursuit of a big-time office tenant and instead built hotel and condos with retail--the current plan--the project would be well under construction by now, and we wouldn't have that hole in the ground.

Downtown needs empty and underused lots filled up with a good mix of residential, office, and hotels atop plenty of retail space mixed in with improved public spaces. We do not need to be in business with developers who cannot get their act together for 7+ years.

[Subway Scoundrel]

City needs to pull the plug on these guys and hand the site to Roland Gammon or Greg Hatem.

[JTsaysToYou]

Seriously?

Reynolds is trying to delay AGAIN?

well, that shouldn't really be all that suprising...

I'm gonna make a wager, I'll bet anyone out there $20 that they will not have started construction on this project by the time I graduate high school in 2010......

Seriously.... Reynolds sucks......

[Transplant]

Another year.

Another delay.

We need somebody to either partner with these guys who have experience and deep pockets, or we need them to sell. This location is too important to sit idle any longer.

[DPK]

I have a feeling the city will allow the extension, but it's going to hurt Reynolds because people (city officials included) are going to doubt their abilities to deliver anything on time again.

[ChiefJoJo]

This item is onthe city council's agenda tomorrow:

3. Status Report for 301 Hillsborough Street with 301 Hillsborough Street Partners, LLC

Due to the current economic conditions, the financing approvals for the Reynolds Tower have been delayed; thus causing the prospective owners to be out of compliance with the amended contract for sale that was approved in October 2007. As part of that approval the City gave 301 Hillsborough Street Partners, LLC access to the building at 301 Hillsborough Street to accomplish the demolition with the understanding that the City would incur no financial liability for such. The amendment also anticipated that a closing conveying the property would have occurred on April 1, 2008, with foundation construction commencing immediately thereafter. Although the building has been demolished, neither of the latter two conditions has occurred. Staff recently met with the Reynolds Group seeking an updated and more aggressive construction and marketing schedule. Due to the uncertainty of initiation of construction it would be appropriate to consider an interim use for the site both to improve site aesthetics and as well as generate income. Staff recommends the site be used for a temporary parking lot which will enable the City to realize savings of $12,000+ in dirt disposal fees from nearby downtown development as well as parking revenues for spaces on this site until building construction begins. Staff is currently working with various departments to ensure compliance with the anticipated updated use of this site.

Upon receipt of a revised construction schedule from 301 Hillsborough Street Partners, LLC staff will forward it to Council. Depending on Council's satisfaction with that revised schedule and proposed conditions they may wish to consider a renewal of the contract or termination of the contract and recovery of adjacent property at 309 Hillsborough Street conveyed to the Reynolds in 2001. Background material including the contract, correspondence and a current picture of the property is in the agenda packet.

So, the city manager is recommending using the site for temporary parking. They wold use fill dirt from elsewhere and repave the area for a lot. It appears the council has two choice: (1) terminate the contract with Reynolds, or (2) sign an agreement with a revised schedule. Neither one is particularly enticing after years of talks, delays, and re-negotiations on this parcel on top of the current state of the capital markets. Either way, nothing is going to happen on this site for some time. Ugh.

[Gard]

^^^

IMO, the city would be good to offer them ONE more extension and flat out tell them that if they don't do something this time, thats it. Maybe if they have an ultimatum in writing, they will move on it. Right now I see this like Raleigh is the parent and Reynolds is the child. The child (Reynolds) cries and begs for an extension and tired of hearing it, the parent (Raleigh) gives it to them. The child then learns that if it cries and begs loud enough, it can get the parent to accomodate them.

[Jones_]

If a private entity owned this lot it would just be back on the market, though the interim demolition would not likely have happened without an actual sale or a firmer agreement to cover the owner's (City's) loss of revenue in the interim. I hope the city is calculating the opportunity cost and adds it to the ultimate selling price, but I realize that price cannot exceed comparable market prices. These things are so not simple.

[cthayes75]

If a private entity owned this lot it would just be back on the market, though the interim demolition would not likely have happened without an actual sale or a firmer agreement to cover the owner's (City's) loss of revenue in the interim. I hope the city is calculating the opportunity cost and adds it to the ultimate selling price, but I realize that price cannot exceed comparable market prices. These things are so not simple.