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The Hillsborough (Reynolds Tower)

monsoon

By monsoon
in The NC Triangle

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Tayfromcarolina Hamlet

Tayfromcarolina

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I think the Renaissance at north hills is still a go looks like they are doing some excavation of some kind when I was there a couple of weeks ago. North hills will be a great destination once the east side is built. It almost already is. And don't forget about the new Hilton Garden inn and other to be announced hotel at Triangle towne center. The area is adding a lot of hotel rooms after the slowdown in the late 90's and early '00's.

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dmccall Burg

dmccall

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Feb 1 is coming, and that linked article as well as an article today on raleighing hint that something 'big' is on the way...anyone want to hint a little more?

All I know is that a trustworthy friend who knows somebody who knows somebody has sent along a "don't worry" sentiment. I have no idea if the building(s) will be tall, taller, or tallest. Even if they downscale to something the size of the Clarion it would impact the skyline. That's the only reason I mentioned them, really. I wish I knew more, but I haven't really forced the issue. I'm so focused on killing this hotel and supporting chandeliers these days!

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NovaRaleigh Crossroads

NovaRaleigh

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All I know is that a trustworthy friend who knows somebody who knows somebody has sent along a "don't worry" sentiment. I have no idea if the building(s) will be tall, taller, or tallest. Even if they downscale to something the size of the Clarion it would impact the skyline. That's the only reason I mentioned them, really. I wish I knew more, but I haven't really forced the issue. I'm so focused on killing this hotel and supporting chandeliers these days!

This, plus the RaleighMSA comments, plus the Raleighing.com website lead me to think optimistically that we may at least get an announcement of a large Reynolds Tower in the next couple weeks with a construction start date for later in the summer or fall. I just can't see RaleighMSA.com, Raleighing and the folks comments on this website being consistent with a delayed announcement (much less construction start date) of the summer of 2007 as someone previously mentioned on this thread. I hope you all share my optimism.

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MR-2 Hamlet

MR-2

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They can take as long as they want. I'd prefer this thing to be done right the first time around, with great architecture and presence, because it'll probably be the most prominant building in the skyline when it's done, and it'll substantially increase Raleigh's visual density, due to its location.

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romec Whistle-Stop

romec

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f they push for another extension, the City should pull out.....

I'm just as excited and anxious as everyone else, but what's the rush?

Why should the city pull out, its not as though there are 20 other projects clamoring for that lot right now that can't proceed because of it being tied up.

Considering how well Quorum seems to be going, (Quick time between announcement and construction, construction on track, and mostly leased) you have to give the developer the benefit of the doubt. Also with the rapidly changing market, I'd prefer that they took their time as opposed to building a beautiful 40 story building that was 50% empty at the time.

Besides, waiting does have some advantages: especially when there are two projects both going on record saying that they could possibly be the tallest downtown. It'd be pretty cool if Raleigh ended up with its own Chrysler vs. 40 Wall Street or First Union vs. BofA.

I think there are two important dates for this project

1) When Quorum is finished and open for business (this summer or in the fall?)

2) When the convention center and hotel are done.

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Transplant Hamlet

Transplant

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The Reynolds' seem to be dedicated to building in DT Raleigh. If they need more time, let them have it. There is plenty of other places for other people to build if they wanted to.

32 floors of office space needs some good sized companies to fill it up. Hopefully these guys are working with the Chamber of Commerce to get an out of town company down there.

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Jones_ City

Jones_

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The Reynolds' seem to be dedicated to building in DT Raleigh. If they need more time, let them have it. There is plenty of other places for other people to build if they wanted to.

32 floors of office space needs some good sized companies to fill it up. Hopefully these guys are working with the Chamber of Commerce to get an out of town company down there.

Thats because they own something like 6 acres downtown...parts of three blocks that I can think of :D

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ChiefJoJo Town

ChiefJoJo

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Reynolds and the city are working out a development agreement, which must be approved by City Council. It likely will stipulate the sale of an adjacent city-owned tract and require construction to start in late 2006.

"If nothing is concluded by March or April, the city would need to review where we are," Mayor Charles Meeker said. "We'd buy the property back if they weren't going to buy the other piece."

... Reynolds already came close to putting those just-in-case plans in motion. "Just about the time we had made the decision to just 86 the offices, we had a very significant approach by another entity that wants office," he said, declining to name the group.

... In November 2004, Reynolds asked for more time. He said he could nail down office tenants by November 2006 and buy another city-owned tract for a bigger building. It would be a 32-story, 688,500-square-foot mixed-use monster with 200,000 square feet of offices, a 70-room boutique hotel, 25 residential condominiums and a parking garage.

... With the TMC and RBC projects, developers are looking for tenants to fill 415,000 square feet of planned downtown offices. Add that to the 282,000 square feet of empty existing space. The total is about 12 times the space absorbed in downtown last year.

So look for some announcement in the next two months on Reynolds, or the city will look to buy back the property. The article shows Reynolds is hopeful, but with all of the other projects out there, I am not optimistic that a large office tenent will be available for Reynolds' tower. Without the office element, you'd likely look at a much smaller project, closer to the 15-story Quorum in size than 30 story RBC-sized. I hope the larger one works out because it will be good for DT Raleigh, but part of me still can't get over the idea that a 30-ish story structure just doesn't seem to fit that location.

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MR-2 Hamlet

MR-2

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So look for some announcement in the next two months on Reynolds, or the city will look to buy back the property. The article shows Reynolds is hopeful, but with all of the other projects out there, I am not optimistic that a large office tenent will be available for Reynolds' tower. Without the office element, you'd likely look at a much smaller project, closer to the 15-story Quorum in size than 30 story RBC-sized. I hope the larger one works out because it will be good for DT Raleigh, but part of me still can't get over the idea that a 30-ish story structure just doesn't seem to fit that location.

This is the lot directly across from Clarion, right? Or is it further down, closer to the capitol?

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ChiefJoJo Town

ChiefJoJo

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Yes, it's right across from the Clarion--well that's where the city's property is, 301 Hillsborough St, and Reynolds owns the small lot next door at 309 Hillsborough St. Next to that is 327 Hillsborough St--which is a law firm, on the back of which (Morgan St side) is The Flying Saucer.

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