Green Square & NCSECU HQ

[Jones_]

Have any of you tried to get a mortgage from SECU? They have always been cautious which people poopooed during the boom, but now they are sitting pretty. Any member can view the monthly statement insert that shows the current balance sheet. I am partly guessing, but I am thinking they are heavy in cash. They only loan out to members of course, and members had to either be a state employee or a relative of one to join..pretty stable loan pool. Credit Unions don't need to turn a profit they exist to provide services to their members, which is why you get things like no fee ATM's and nice low credit card rates...but never introductory rates because they are not chasing customers, etc etc. Financing space that they need is very different than financing someone elses need, so I would think the down economy is even better for them while construction bids are very very low.

[RaleighRob]

Financing space that they need is very different than financing someone elses need, so I would think the down economy is even better for them while construction bids are very very low.

Good point. They could be in a great position to be very choosy when it comes to picking a contractor to build it.

[orulz]

SECU has submitted their site plan to the city for review. The project is to be a 12-story building with integrated parking. Judging by the plan, the only retail that will be incorporated is a bank branch on the ground floor. It seems to be pretty tightly integrated with the Green Square project, and will apparently also tie in to the bridge over Salisbury Street.

[ChiefJoJo]

^ Good to know they are moving forward on a site plan, though it will take a while for them to move through the review process and get permits. With Green Square and SECU (12 stories, 238k sf, 11 FAR) on this block, there will be over 500k sf of space on this block. Certainly a big improvement over the surface lots that were there, and will add some more consolidated employment in the downtown core.

I checked the O'Brien Atkins site and did not see a rendering, so please post it if you find it.

[Euphorius]

Ask and ye shall receive.

[ChiefJoJo]

^ looks like it's a view from Salisbury & Jones St, no? Looks a bit like Quorum Center in form. Also, if I'm not mistaken, I saw the crane for Green Square up on the site yesterday. It's nice to have another crane go up downtown to keep the perception of momentum going, even as a half dozen or so projects are stalled.

[Euphorius]

I believe you are correct. You can see the globe portion of the museum expansion in the foreground.

[Jones_]

For skyline-o-philes this will help fill the gap between the Archdale Building and Wachovia/Wells Fargo when viewed from the Boylan Bridge Brewpub.

[ChiefJoJo]

More details on the credit union's plans. It appears they will break ground this fall on their new building.

The 240,000-square-foot building would include a six-story, 177-space parking deck wrapped with a credit union branch and about 77,500 square feet of offices that will be reserved for prospective renters. Current plans call for the offices to be topped with several dozen extended-stay hotel rooms. But there's a chance that portion may change.

If the plan is approved without a hitch, ground will be broken this fall, says Jim Blaine, the credit union's bank.

Here's a watercolor rendering--EDIT, for some reason, it's not showing up. Somebody can host it or you can view it on the N&O link.

[orulz]

New article in today's N&O about the SECU.

Nothing really new. I did find it interesting that, though this isn't technically part of the Green Square complex, it will be integrated into it somehow.

This basically will function as a speculative office tower for now, and as the credit union grows, it will take over more of the office space. It does seem to make sense for the SECU to be located right next to the State Government complex.

[DwnTwnRaleighGuy]

New article in today's N&O about the SECU.

Nothing really new. I did find it interesting that, though this isn't technically part of the Green Square complex, it will be integrated into it somehow.

This basically will function as a speculative office tower for now, and as the credit union grows, it will take over more of the office space. It does seem to make sense for the SECU to be located right next to the State Government complex.

Thank you very much for the post!

I am wondering what your thoughts are on the comments, ("The height and verticality are somewhat troubling," the commission wrote in a report to the Planning Commission.), the heights and vert. don't seem anywhere out of proportion to me?

[RaleighRob]

^My only guess was that it was a bit higher than they would have expected for something so close to the capitol building. Just a guess. But it's only a tad bit closer than the Wachovia tower, really, and no where near the height. So I agree, kinda odd for them to say that.

[Jones_]

I thought that was odd myself. I favor maintaining of historic fabric but said fabric has been mowed under more than once in some spots near capital square. Just because they are state buildings does not necessarily curry my favor. The Capital itself, the old court building (red brick), the four churches (two are 50 years older than the other two) and the credit union are about it. I would say to keep tall stuff away from immediately adjacent to Capital Square or it would disappear like Grand Central Station has, but that is not the case here.

[JeffC]

Where were all these people moaning about historic fabric 30-40 years ago when they tore down everything on the block northeast of Capitol Square, which has remained, to this day, a big square of asphalt surrounding the lonely holdout Haywood House? I wonder how many other state capitols have a big asphalt parking lot directly adjacent to them?

[st8fan]

A few update pics:

...look for a new tower crane in the future

[Spatula]

Finally, an actual tower getting built.

How long has it been?

[Jones_]

The sight should get a third tower crane for the credit union tower as both of these so far will be along McDowell.

[orulz]

Finally, an actual tower getting built.

How long has it been?

About a year I think? (RBC)

[Gard]

^

In downtown yes, in Raleigh city limits, no. You have the CapTrust tower going up at North Hills. I suspect that you will see more activity resume towards the end of this year or early next year. That is the indication I've been getting for the North Carolina market. Some activity is starting to pop up around town now as it is, at least in North Raleigh. One that I've noticed is the obliteration of the wooded area at the intersection of Perry Creek and Capital, which is literally GONE. There is a shopping center going up in that hole, along with the city's 7 million dollar expansion of the road and the North Raleigh Christian Academy expanding their campus up there. That area is a massive construction zone. There is also all the construction going on at Cheviot Hills, a Walgreens going up at the intersection of Falls of Neuse/Durant and on and on. I won't drag the topic anymore off topic now lol.

[orulz]

Don't think we've seen this rendering of the Green Square/SECU project here before.

[Justin6882]

This project hasn't received as much hype and excitement as others, but I think it will be an awesome addition to downtown - the SECU tower is decent looking, but the big ball thing should add some visual interest - hopefully it's lit up really well at night!

[Jones_]

Thats quite a bit bigger than I imagined the footprint would be. I suppose I had forgotten about the parking lot stretching back into the block that appears to be be being used for footprint now.

[NCMike1981]

^2 thumbs up, nice looking project :-)

[ChiefJoJo]

The city approved the SECU building. It should be underway sometime later this year and take about 18 months to complete. As has been mentioned previously, SECU has plenty of cash on hand to finish the project.

[Jones_]

The project has 31 residential units. The article didn't say rental or to sell, but thats interesting either way. 12 stories high there will get you a decent view. Given that at night the area is perfectly quiet, they might be appealing for those who don't want to live on a noisy strip but still be downtown.