The Hillsborough (Reynolds Tower)

[orulz]

Seriously. Is this for real? Awesome news, since this is a great project in a great location. I can't help it, but I'm still somewhat skeptical, and will remain so until I see caissons being drilled and concrete being poured (and even that's not a 100% guarantee, with Soleil as an example.)

[Jones_]

I think the Hotel is the key here. A firm hotel commitment, with data showing that there is demand in downtown for more rooms, and I imagine that alone will pay the bills. I am wondering if in fact condos are still in the plan giving the fact that Quorum (and most others) still have lots of unsold units. I would think office space would still be a safe bet in downtown Raleigh even given the economy. Raleigh government just bought the old Warehouse for its temporary move, Campbell took Hillsborough Place off the market, RBC Plaza is 97% leased....its seems like a tight market.

[Justin6882]

They're calling it dead once again...

N&O: Downtown tower deal may collapse

[Spatula]

Game, set, match. It's never happening at this point. That's really depressing.

[ChiefJoJo]

In case anyone is interested, here is a copy of the letter Reynolds Co sent to the city about the 6-month exension request.

I've beat this drum before, but if they had just built the tower without the office space (hotel+condos), it would be 1/2 finished by now. They got greedy and lost to the tune of $2.5M out the window in design and demolition costs. Time to move on...

[Jones_]

The City should sell them the land (its surplus at this point), use the cash to balance the budget, and get it back on the property tax roles. Opening it up to new developers is just silly....other interested developers in downtown have their pick of dozens of parking lots....those parking lots remaining so, do so, because of duh, worldwide economic problems....

[DPK]

This project is officially terminated now:

http://www.newsobserver.com/business/story/1392316.html

The City Council voted 5-3 today to take the land back and is considering paving it over for another wonderful parking lot.

[Jones_]

For 485,000 dollars a nice 6 story apartment building would have been viable with ground floor commercial spaces per typical good urban form.

Actually, checking Wake County, it says it was sold for $516,000 on 12/10/1998. Regardless...silly towers do to a downtown what speculation did to real estate prices in Miami. You get a spike and a crash. More uniform, even keeled development keeps those land prices from jumping up, keeps demand for new growth more steady and with a readable pulse. Fayetteville street and Wilmington Street keep filling in slow and sure while Hillsborough waits for blockbuster deals that never materialize. How pretty Hillsborough Street would be if lined with a few of these apartment buildings

[RaleighRob]

^Good points.

"Hello...Paging the Tucker Street Apartment developers! We got a great space right next to a law school that would be perfect for you!"

[JeffC]

Clearly a case of the Peter Principle in action. Reynolds successfully developed several single use projects, but pulling off a mixed use tower proved he had risen to his level of incompetence....

Good thing about a long recession is that it gets rid of all the chumps and amateurs in the real estate business...

[orulz]

Clearly a case of the Peter Principle in action. Reynolds successfully developed several single use projects, but pulling off a mixed use tower proved he had risen to his level of incompetence....

Good thing about a long recession is that it gets rid of all the chumps and amateurs in the real estate business...

[RALNATIVE]

I can't help wonder if the city is the one who killed this in the first place. Reynolds' initial proposal back around 2000 was for a 12ish story building, but the city manager pushed them to "go bigger". Maybe this lot would have been developed 9 years ago if not for the pressure to "think big." Impossible to say either way, but if so this would be a perfect example how an obsession with skyscrapers (and greed) isn't good.

[Jones_]

The reason it wants highrises is so people will be looking up and might not notice all the parking lots. See all the previous posts all over UP about the problems with highrises in cities that are not ready for them.

[jumboman]

Not sure that I necessarily agree with that. When you're talking about land in the core of a major city, it's important to maximize every square feet of land that is developed. The city has it's reasons for wanting a highrise on that particular parcel.

As for myself, my unit at the Dawson sits directly in front of that lot and whatever is put there will be a major part of my view. I would much rather be looking at a well designed highrise, as opposed to a plain, hastily designed midrise.

[RALNATIVE]

Not a good argument. It could've just as easily been plain, hastily designed highrise vs. well designed midrise. What about well designed hole in the ground vs. any type of midrise.

I know the arguments have been made all over, but my point is everyone dreams and everyone picks well designed high rise when the "options" are those that you say. Why not just say "I would much rather be looking at $137 in my wallet, as opposed to $4.28.