The Hillsborough (Reynolds Tower)

[urbanesq]

I was thinking about this project again, so I thought I'd bring it back to the top. Anyone have any info on it?

I believe the project, if it's to go forward as a larger building (close to 30 stories) , plans must go forward by Feb 2005, which is the city's deadline for Reynolds exercising it's purchase option on 301 Hillsborough St. With RBC out of the picture as a major tenant, and the DT hotel market increasing, but still with an uncertain near-term potential (with the Marriott and the proposed Empire Properties site 4 boutique hotel), I wonder whether it will end up being anywhere near 32 stories.

I've got nada in terms of inside information, but with the GlenTree and major bank tenants going elsewhere, I'd be amazed if this building were over 15 stories; if it happens at all.

[MR-2]

I've got nada in terms of inside information, but with the GlenTree and major bank tenants going elsewhere, I'd be amazed if this building were over 15 stories; if it happens at all.

I'm pretty sure it'll exist in one form or another. I thought, actually, that it was two buildings. A 15-18 story one, and a possible 30-story one next to it, the former of which was basically guaranteed. Could be wrong.

Truthfully, 18 would be better for that spot than 30, but I'm not going to turn down another 30-floor building downtown anyway. Nothing could make the current building arrangement look worse anyway. (Well, other than a 42 story building in the middle of nowhere ).

[NCMike1981]

I've kinda given up hope on the 30 story Reynolds Tower, hoping maybe we can get at least a 25 story tower out of RBC.....

[ChiefJoJo]

OK, I am bringing this back to the top...

As I remember, Reynolds has until February 1st (deadline is fast approaching, only 3 weeks away) before his option on the city's property @ 301 Hillsborough expires. He must present his plans by that date as i understand.

Does anyone have any more info?

[orulz]

I have heard secondhand that we should expect to hear something more concrete about the Reynolds project(s) fairly soon. Remember, there was talk of a Reynolds 1 and 2. I guess that is because the deadline is fast approaching. I'm not sure if we will hear good news or not, though! Let's hope for a big announcement. I have no idea what to expect.

[pack-man]

I'm banking on not good news, just a hunch

[Justin6882]

^ I'm feeling a little more positive on this one.

[Eastwestrob]

I remember just a month ago when everybody was saying there was no way RBC was going big.The Reynolds have delivered Quorum and promised to deliver two more structures.They have had all this time to pick and choose and make deals with Major tenants. I will be the one to go against everyone and say that it will be a major tower. Howerver, after they are delivered,it may be time for vacancy rates to "catch up" for a while. I predict anything from 30-45 floors.

[orulz]

I'm inclined to think positively on this one as well. I think the fact that he's even talking about a second tower next door is sufficient reason for optimism. Although, 45 stories might be a bit too optimistic.

Now, here's my random, completely baseless speculation:

• The larger tower will be primarily office, but also include a hotel; the smaller will be primarily residential. The hotel and its proximity to the State Capito will be a major selling point.

• The timeframe - particularly for the second tower - may be a little further out than some hope.

• Reynolds will make an announcement regarding the scale and design of the first building before February 1st. He will probably announce the hotel chain, and perhaps even a few retail and commercial tenants.

• He will ask the city for a further extension (90 days? 6 months?) to seal the deal with some major commercial tenants. The city will agree, and why shouldn't they, given Reynolds' track record downtown?

• I forecast that the first tower will be about 30 stories tall, to be completed in 2009.

• The second tower will be similar in scale to Quorum (15-18 stories) and be completed sometime in the neighborhood of 2012.

I wonder whether I'm even close?

The more I think about it, the more I love this location since it really expands the de-facto CBD of Raleigh.

One thing I can't even guess about is parking. Will Reynolds try to accommodate all the parking for these towers on site?

[ChiefJoJo]

I walk by the site every day and the only way Reynolds is doing anything approaching 30 stories is with both 301 & 309 Hillsborough under his control. I think the both properties together would be about the same size as the RBC site, which is ~3/4 acre. With those sites in place, I think he could handle parking on site, either under ground, partially so, or a structure (a la Quorum). While it would stand out on that site a bit much for my taste, I do hope he builds there, as it would be a great improvement and really help to connect the DT core with Glenwood South.

[Justin6882]

Maybe the first 7-8 floors of the new reynolds tower will be a parking garage? It seems thats the way a lot of new towers are going (Progress, RBC) I have no problem with it, as it hides the parking and makes the building taller.

I'm sure the city will give him an extension if he requests one, however I'm sure they are getting anxious as well, since they have extended it a couple times before.

[ncwebguy]

I would like to see something like phase one covering the whole area, with a parking deck "hidden" from the hillsborough street side (a taller mirror to the west edge of the 200 block of Hillsborough), with street level office/retail, maybe 20-25 stories, with a mix of office and hotel on the corner, and just parking deck in the middle of the block. But that parking deck would be more than the initial building would need, and built structurally to support a second tower on top of the deck a few years later, a few stories shorter "stepping down" from the capitol, reasonably priced residential (condos with some smaller units rented as studio apartments, extravagant penthouse condos on the upper floors).

This would add a large residential component a few blocks from Fayetville Street, Glenwood South and the warehouse district. Maybe a small grocer could fit in to the ground floor of the middle of the block by then to serve the residents from the Quorum to Park Devarux and over towards Boylan/St. Mary's?

[Eastwestrob]

I'm inclined to think positively on this one as well. I think the fact that he's even talking about a second tower next door is sufficient reason for optimism. Although, 45 stories might be a bit too optimistic.

Now, here's my random, completely baseless speculation:

• The larger tower will be primarily office, but also include a hotel; the smaller will be primarily residential. The hotel and its proximity to the State Capito will be a major selling point.

• The timeframe - particularly for the second tower - may be a little further out than some hope.

• Reynolds will make an announcement regarding the scale and design of the first building before February 1st. He will probably announce the hotel chain, and perhaps even a few retail and commercial tenants.

• He will ask the city for a further extension (90 days? 6 months?) to seal the deal with some major commercial tenants. The city will agree, and why shouldn't they, given Reynolds' track record downtown?

• I forecast that the first tower will be about 30 stories tall, to be completed in 2009.

• The second tower will be similar in scale to Quorum (15-18 stories) and be completed sometime in the neighborhood of 2012.

I wonder whether I'm even close?

The more I think about it, the more I love this location since it really expands the de-facto CBD of Raleigh.

One thing I can't even guess about is parking. Will Reynolds try to accommodate all the parking for these towers on site?

Orulz..Now you see why I am thinking up to 45 floors. Raleigh sure has its share of parking decks , but notice where they all are. In order for the Towers to be built there, so will major Parking decks.And with this I am thinking that it will be incorporated into the design as it will be a necessity.

[NCMike1981]

I'll cross my fingers that Reynolds will be able to pull the project off, but it seems as if they are doing a little too good a job of keeping quiet....

[pack-man]

I really think the RBC building put a hiccup in this projects progression. I hope that I'm wrong, however, I really think that if this project goes forward that it will be smaller than originally speculated. I will always hope for the best and hopefully Reynolds will surprise everyone with his grandest structure yet.

Underground parking in this area requires extensive space to build large foundations to compensate for the areas weak soil/rock. This particular lot would have to be partially underground, but mostly above ground. Which would be good for the buildings overall height.

[avery]

I really think the RBC building put a hiccup in this projects progression. I hope that I'm wrong, however, I really think that if this project goes forward that it will be smaller than originally speculated. I will always hope for the best and hopefully Reynolds will surprise everyone with his grandest structure yet.

Underground parking in this area requires extensive space to build large foundations to compensate for the areas weak soil/rock. This particular lot would have to be partially underground, but mostly above ground. Which would be good for the buildings overall height.

I still think we will see a "major" structure here, although maybe not quite as large as we originally anticipated. I keep thinking that RBC was their hopeful tenant. I think we would have heard more rumors or speculations by now if a big name were relocating to Raleigh. I'm still keeping my fingers crossed.

[Eastwestrob]

I still think we will see a "major" structure here, although maybe not quite as large as we originally anticipated. I keep thinking that RBC was their hopeful tenant. I think we would have heard more rumors or speculations by now if a big name were relocating to Raleigh. I'm still keeping my fingers crossed.

I still think it will be a major...possibly the largest yet. With the Parking issue built in and the fact that several smaller tenents could easily fill up the first tower. I do not see a major tenant signing on but the CBD is fast becoming "The Place to Be". And I do see a possibility that everything be incorporated into just one Tower. I also see the anouncement as the perfect time as the Quorum will be entering the final stages of construction. Ever think that maybe last minute anouncements will come at the time of one building delivery soon comeing online and then time to start the next. I see this as a symbol from a lenders point of view.

[ChiefJoJo]

I think the positive thing Reynolds appears to have in his favor is the hotel element of the project, which has been a part of the concept from the beginning. That will lessen the amount of office space that will be required to start construction. That is exactly the concept Reynolds used to build the Quorum Center. Just about half of that building is office space and he had the tenants already signed up, so the residential portion did not need a lot (any?) of pre-sales to get financing approved and have the building get off the ground. I see this as the optimal type of arrangement for any new DT towers of significant size (a la RBC and Quorum):

lower floors: retail/parking component

middle floors: office component

upper floors: hotel/residential component

[Jones_]

I think the positive thing Reynolds appears to have in his favor is the hotel element of the project, which has been a part of the concept from the beginning. That will lessen the amount of office space that will be required to start construction. That is exactly the concept Reynolds used to build the Quorum Center. Just about half of that building is office space and he had the tenants already signed up, so the residential portion did not need a lot (any?) of pre-sales to get financing approved and have the building get off the ground. I see this as the optimal type of arrangement for any new DT towers of significant size (a la RBC and Quorum):

lower floors: retail/parking component

middle floors: office component

upper floors: hotel/residential component

I agree, the hotel pretty much assures that a tower is going up and it will be a decent size. Reynolds hasn't to date relied on private corporations to fill its office space....the Quorum and the David Reynolds building on Jones St are all filled with government related bodies. Any outlying County offices or Local Government related agencies are prime candidates for locating to this tower in my opinion.

[ralncdude]

I think there will be a new deadline. May-July 2006. How full is the Quorum Building?

How the Quorum sells will determine how big to build 309 Hillsborough.

Maybe Ted Reynolds will get another bank. Like Suntrust or someone else who is not downtown yet.

Tampa Suntrust

[romec]

Wow that rendering really reminds me of Wachovia.

[Eastwestrob]

Wow that rendering really reminds me of Wachovia.

Yes romec ....I agree. I think I might actually like the color better too

[ChiefJoJo]

I think there will be a new deadline. May-July 2006. How full is the Quorum Building?

How the Quorum sells will determine how big to build 309 Hillsborough.

Quorum is filled will office space, the rest are condos, which nobody knows how many of those are sold yet. I do know those condos are going for a pretty penny, close to $300/sf I think. With 301/309, Reynolds apparently has ahotel in the fold, and the rest will be office and high end condos. The office will be the main tenant, so he needs to recruit a large company to lease the space.

[nadcock]

According to the information I got from the Reynolds about half of the units are sold but that could also mean reserved.

[pack-man]

I wonder why Reynolds would push for a hotel at that location with the clarion across the street. The only hotel that would make sense would be a "Very" upscale one that downtown doesn't have. But with all the hype going into the convention area, it seems that area would be more suited for a high end hotel.

I know Reynolds will come through and give the city a strong project, i just feel that the city is near the end of their rope on the property extension. It seems like the city gives local developers a harder time with things like this than outside developers. Maybe its just me.