Progress Energy III (aka "Block B")

[DwnTwnRaleighGuy]

Hard to say if two thirty story buildings will go in that area. But on that whole block, there is more than enough room for several tall buildings,(office space,condo's,combinations, etc.). They would probably have to consider buying some more of the remaining buildings on that block.

Also about the available office space for downtown Raleigh, (and I don't know this for sure), I believe we do need large chunks of space as to not lose any more companies. There is that law firm that will be moving from downtown Raleigh to the land across from the RBC center I-40/Wade ave project. Also, Durham lost out on a firm because of the lack of available office space downtown. If I am listening/reading correctly, the Reynolds building will have most of its office space leased by the time it opens. Also, the RBC Plaza building on F. st will have most of its office space leased. I would think that site #1 will also have there new buildings some what leased up by the time there finished,(see where I am going with this?). I believe we will have small amounts of available office space for rent/lease and if we do intend to land a large company from outside the Raleigh area, we need a large chunk of unleased space. We need a developer with deep pockets who can have a little leeway until that new large tenant is found.

[JTsaysToYou]

I think that if they built two thirty story towers, one on the wilmington street side of the block facing RBC, and one on the southeast corner, it would be tall definitely, but I don't think it would completely ruin the ambiance of of city market, although it should definitly accomodate for it. But a real, slim, unobtrusive glass tower, a la john hancock building in boston, would be nice and not intrude.

[ChiefJoJo]

From the TTA-Cherokee article in the N&O today:

The company [Cherokee] is expected to partner with Cary developer Hamilton Merritt in the redevelopment of 3.6 acres on the block bounded by Wilmington, Blount, Martin and Davie streets. Plans there could include a skyscraper with offices, condominiums, apartments, shops, restaurants or hotel rooms.

That's got to be good news. 3.6 acres is a lot of space in a DT environment, so it's not surprising that HM would partner with others on the project.

Cherokee's portfolio here.

[RALNATIVE]

From the TTA-Cherokee article in the N&O today:

The company [Cherokee] is expected to partner with Cary developer Hamilton Merritt in the redevelopment of 3.6 acres on the block bounded by Wilmington, Blount, Martin and Davie streets. Plans there could include a skyscraper with offices, condominiums, apartments, shops, restaurants or hotel rooms.

That's got to be good news. 3.6 acres is a lot of space in a DT environment, so it's not surprising that HM would partner with others on the project.

Cherokee's portfolio here.

[bikwillie]

Can someone post a link to the article?

[ChiefJoJo]

linky

I noticed walking down to this block that there are subtle changes. A few weeks ago, there were still plenty of cars using those lots (Wilmington, Davie, and Martin St entrances) for parking, but as of today at least, every lot is now blocked off and they're all empty. There are some construction workers over on the Martin St side with some scafolding, but I think that's the staging area for the RBC Tower.

I'm surprised about the parking since PE probably gets some revenue from the parking there, and until something actually moves fwd on the site for demolition (need permit), they can continue to generate some revenue from the lots.

[pack-man]

i noticed the same thing today when i was down there. They have the lots roped off on the davie street side with no cars parked in there at all. is this project being fast tracked?

[carynative]

All of the parking areas on that block are now fenced off... staging areas for RBC Tower? maybe.

[ChiefJoJo]

I think the staging area is on the north side of the block where the parking deck will be...

No fast-tracking... they need approval of the city council and permits to do anything on the block, which will take some time (6-9 months). I'd guess it may just be either to do test drilling for foundation suitability or maybe just to limit liability on the property in anticipation of a land sale from PE to Hamilton Merritt. (Usually, the land sale follows council approvals.)

[ChiefJoJo]

Nothing definite on this, but...

I've heard that Sandreuter is looking to build BIG on this block. In addition to the 1000-space parking garage already being planned by Highwoods/RBC, he's planning another deck at another 1000-spaces! There are rumors of a movie theater on an internal piece of the property, as that use doesn't require frontage, windows, etc.

Now I don't bring up the parking as a reason to cheer on it's own merits, but if you look at his partnership with Cherokee (project size & scope requires additional resources) and the notion of ANOTHER 1000 spaces for this block (parking ratios and all), at build-out this probably will end up being the biggest single development in the history of Downtown Raleigh.

[tkd720man]

Nothing definite on this, but...

I've heard that Sandreuter is looking to build BIG on this block. In addition to the 1000-space parking garage already being planned by Highwoods/RBC, he's planning another deck at another 1000-spaces! There are rumors of a movie theater on an internal piece of the property, as that use doesn't require frontage, windows, etc.

Now I don't bring up the parking as a reason to cheer on it's own merits, but if you look at his partnership with Cherokee (project size & scope requires additional resources) and the notion of ANOTHER 1000 spaces for this block (parking ratios and all), at build-out this probably will end up being the biggest single development in the history of Downtown Raleigh.

[plus2]

There are examples of small urban shopping centers with movie theaters that could go 2-6 stories tall. There is one in Washington behind the Verizon Center with a parking deck underneath. I don't know the name of the place, but I'm sure someone here does.

Or there are examples of small urban malls attached to the lobbies of hotels. That could be part of the project as well. Remember if there is a hotel component it will need more parking spaces too.

[RALNATIVE]

There are examples of small urban shopping centers with movie theaters that could go 2-6 stories tall. There is one in Washington behind the Verizon Center with a parking deck underneath. I don't know the name of the place, but I'm sure someone here does.

Or there are examples of small urban malls attached to the lobbies of hotels. That could be part of the project as well. Remember if there is a hotel component it will need more parking spaces too.

[Jones_]

I think Sandreuter has been itching to go huge for sometime....Powerhouse Square was a momentum starter downtown....Dawson was downsized from 15 to 5 stories....West was a residential answer to demand in a part of town people want to live in (glenwood) but I believe PE III is exactly the moment he has been queing up for....for that reason, I have confidence he will produce a product that taps into what downtown is reaching to become(urban form, needed services/space etc).....dead center between Fayetteville/RBC, City Market, Empire's rehabs and Fayetteville St /southside(site 1, CC etc.) projects, this tract is probably the single most important development at this point in downtown's revival....

also, I thought of our Potsdamer platz as the area around the 500-600 blocks of Fayetteville with the PE Center, CC, three total hotels, site one, etc....

[orulz]

I've been thinking about Progress 3 a bit. The big challenge with this project, from a design standpoint, isn't how to incorporate parking or how to make it distinctive and stand out.

The challenge will be building this project so that the 2-story 19th century brick structures along Wilmington don't feel out-of-place. I hope they can pull this off. I can't help but think it would look a bit strange to have a huge skyscraper looming over them. Perhaps Sandreuter's architect can overcome this with an ingenious/sensitive/good design.

[ChiefJoJo]

The challenge will be building this project so that the 2-story 19th century brick structures along Wilmington don't feel out-of-place. I hope they can pull this off.

[DanRNC]

I've heard that Sandreuter is looking to build BIG on this block. In addition to the 1000-space parking garage already being planned by Highwoods/RBC, he's planning another deck at another 1000-spaces! There are rumors of a movie theater on an internal piece of the property, as that use doesn't require frontage, windows, etc.

[ChiefJoJo]

All of the parking areas on that block are now fenced off... staging areas for RBC Tower? maybe.

[Jones_]

Well, we now know why they blocked it off. I was just down there and the Wilmington St frontage that had the old tiered parking structure between the historic NW and SW corners is now rubble.... and crews have crushed all the old pavement on the S and SE corners of the block. I'd imagine that in a matter of weeks, all that will be left will be the north side RBC staging area, the stores in the NW corner (Reliable Loan, etc) and SW corner (Cooper's BBQ).

[DwnTwnRaleighGuy]

There are rumors of a movie theater on an internal piece of the property, as that use doesn't require frontage, windows, etc.

[orulz]

This makes me think about "Site 1", aren't they looking at possibly doing a movie theater? I would take one just about any where in downtown Raleigh, But Site 1 on F. St. sounds better to me.

[RALBOI]

With that many parking spaces planned, I am predicting an HQ there.

[capitalcity]

Yeah how about Progress Energy and Georgia Southern merging, and this will be there new Headquarters, just a wild guess.

[avery]

There is possibility to that statement. A member of my church works for Progress Energy (though not in management) and suggest that Georgia Southern IS going to buy Progress. Honestly, this scares me a bit. What is the possibility that this acquisition would move the headquarters out of Raleigh?

(note: moderators may want to move this to a new thread.)

[urbanesq]

^^ downtown presence is one thing, but having the HQ in town is another.

I don't know any details of the merger, including whether there is one to know about, but generally the larger entity is going to retain the HQ at its location, even if the name of the smaller entity survives (see, e.g., First Union and Wachovia, now HQ'd in Charlotte, despite keeping the Winton-based name).