301 Hillsborough

[bj-26]

You have to wonder had the group from Austin won the bid there would be at least a crane on that site now.

[Jones_]

Sorry all...Edit to my previous post.....the company is Atlas Stark Holdings. Similar company, but different apparently. https://atlasstark.com/about/

Given the situation, It doesn't seem like they are just a simple tenants, but it could be...

[Green_man]

1 hour ago, Jones_ said:

Sorry all...Edit to my previous post.....the company is Atlas Stark Holdings. Similar company, but different apparently. https://atlasstark.com/about/

Given the situation, It doesn't seem like they are just a simple tenants, but it could be...

Oh.  Interesting.  A development company spun off from the Lundy Group.  Very interesting.  

[Jones_]

On 2/23/2018 at 2:13 PM, Green_man said:

Oh.  Interesting.  A development company spun off from the Lundy Group.  Very interesting.  

I didn't dig far...are those Lundy people recast? Even so...just trying to figure out what is going on...the mansion was right on the brink of being torn down it seemed, and now they are occupying it...? It sure doesn't seem the project, as last presented, is anywhere near happing...

Edit:, yes I see Gabe and Trey are Lundy guys. What they are up to figures into downtown quite a bit. They own stuff all up and down West Street, were the winning bid for the State properties on Peace St and Caswell Sq that the Council of State rejected etc. 

Edited February 25, 2018 by Jones_

[Green_man]

Site sold... https://www.bizjournals.com/triangle/news/2018/04/09/raleigh-property-owners-sell-city-centre-land-for.html

Kinda interesting, Lundy bought the site for $10.36 million through the bidding process and sold for $17 million?  Wonder why Fallon wouldn't have bid on the site earlier and for cheaper?

New developer group... https://www.falloncompany.com/

[Green_man]

17 minutes ago, Green_man said:

New developer group... https://www.falloncompany.com/

Looking at their portfolio of projects, those of the height-obsessed group here may be disappointed.  They seem to focus and excel in the 14-21 story buildings.   Their projects look very well thought out and architecturally interesting and unique!  Very curious what their plans are here!

[Jones_]

6 hours ago, Green_man said:

Site sold... https://www.bizjournals.com/triangle/news/2018/04/09/raleigh-property-owners-sell-city-centre-land-for.html

Kinda interesting, Lundy bought the site for $10.36 million through the bidding process and sold for $17 million?  Wonder why Fallon wouldn't have bid on the site earlier and for cheaper?

New developer group... https://www.falloncompany.com/

That's over $8 million an acre!! In Raleigh!!! Thinking they overshot this a bit...? I/we may have speculated on this a year or more ago, but *this is again starting to smell like the things bubbles are made of. What kind of office and residential rates would you have to have to pay for this? $3/sqft apartments? $60-80/ft office? Speculating on Amazon or Apple perhaps?

[bj-26]

Well at least Lundy made a decision. I doubt the new owners will wait too long to do something, that's a lot to pay. They probably already have a pretty good idea what's going to be built there.

[SteveFromFuquay]

One thing to keep in mind, Fallon Co's new buildings are mostly in Boston's Seaport, which is height restricted and also the most expensive place in the city, so I wouldn't read too much into the heights. $17 Million is a lot of money and they will probably have to go pretty vertical to recoup the cost. The produce good products, so I expect better design. The circumstances surrounded Lundy's sale aren't great (the unexpected death of the project lead) but the building they designed wasn't especially attractive, imo. I think we'll get a better quality product now. 

[RiverwoodCLT]

Fallon Co. has a big project in Charlotte with the city in Dilworth.  They also bought an office building uptown for their Southeastern Office.

Pictures of the Strawn Project.  This may give you an idea of what the company is doing in Charlotte,   With a $17 million price tag, I expect it will be tall.

 

[Jones_]

Well, this is a good a site as any for a very tall building. But don't forget the resistance at the Borough...

Also, we've had what...two pretty different versions of the rendering for the Reynolds/Raleigh proposal, now the Lundy rendering is history...on to a another rendering....

[Green_man]

New renderings!  Huge improvement!  http://www.clinedesignassoc.com/projects/301-hillsborough-st

 

[Jones_]

Definitely a huge improvement. I've always like the stacked boxes look...makes it sort of artsy. Still looks like Saucer is intact too. 

Edited November 29, 2018 by Jones_

[RALNATIVE]

20 hours ago, Jones_ said:

Definitely a huge improvement. I've always like the stacked boxes look...makes it sort of artsy. Still looks like Saucer is intact too. 

I would hate to see the Saucer go. I love watching drunks slumber out of there late at night from my balcony.

[DPK]

Wow, that's super awesome. 

[SteveFromFuquay]

New renderings on Fallon's website. This looks to be phase 1 of a multi-phase project. They say groundbreaking expected in the fall.   https://www.falloncompany.com/projects/301-hillsborough-street/

Edited February 15, 2019 by SteveFromFuquay

[nicholas]

Of all the renderings for 301H posted on UP, this recent one is undoubtedly the best-looking imo.

[Jones_]

They better protect that lobby from cars crashing all over the place on Dawson. 

[Merthecat]

19 hours ago, Jones_ said:

They better protect that lobby from cars crashing all over the place on Dawson. 

Same goes for the Nash Square '"Hotel Sign" Hotel . . . maybe NCDOT will ask the developers install bollards at the corner so their downtown freeway doesn't destroy the buildings.

[KJHburg]

Sounds like this new Fallon building will be 20 stories and 247 feet tall (first time I heard the actual height)   They mention having 3 uses in this building office, hotel and residential from the renderings I don't see it unless the residential is kinda to the side like the Dillon as is the hotel and the office tower is the tallest portion of it.  anyone else know?

https://www.itbinsider.com/development-beat-301-hillsborough-gonza-new-restaurant/

[CHGuy]

The first phase is just office and retail. The rendering is just the first phase.

[CHGuy]

Looking at the site plan submittal, the first phase is the office building with ground floor retail.  Phase two is the hotel tower and the residential tower.

[KJHburg]

More on 301 Hillsborough in subscriber article in the Business Journal.

""The Fallon Company Chief Investment Officer Michael Fallon says the firm plans to build the first phase of its 301 Hillsborough St. project as a speculative development.  The initial phase includes a 20-story tower and more than 270,000 square feet of office space, along with ground-floor retail.   The Boston-based firm, new to the Triangle, has the ability to provide its own capital for large projects and is aiming to begin construction on its first Raleigh development in September.""    emphasis mine start as spec this fall. 

and this

""The company’s plans include three towers. In addition to the Phase 1 office project, later phases are slated to include two 19-story buildings, one for lodging and another for residential. A parking deck serving all three buildings will be constructed as part of the first phase and integrated into the office building.""

https://www.bizjournals.com/triangle/news/2019/02/20/developer-of-3-tower-hillsborough-street-project.html?ana=e_mc_prem&s=newsletter&ed=2019-02-20&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1550672306&j=86777991

This is a great project for downtown Raleigh finally some height and since Pendo and others are looking for blocks of space and there really are none available big blocks anyway.  

[RALNATIVE]

1 hour ago, KJHburg said:

More on 301 Hillsborough in subscriber article in the Business Journal.

""The Fallon Company Chief Investment Officer Michael Fallon says the firm plans to build the first phase of its 301 Hillsborough St. project as a speculative development.  The initial phase includes a 20-story tower and more than 270,000 square feet of office space, along with ground-floor retail.   The Boston-based firm, new to the Triangle, has the ability to provide its own capital for large projects and is aiming to begin construction on its first Raleigh development in September.""    emphasis mine start as spec this fall. 

and this

""The company’s plans include three towers. In addition to the Phase 1 office project, later phases are slated to include two 19-story buildings, one for lodging and another for residential. A parking deck serving all three buildings will be constructed as part of the first phase and integrated into the office building.""

https://www.bizjournals.com/triangle/news/2019/02/20/developer-of-3-tower-hillsborough-street-project.html?ana=e_mc_prem&s=newsletter&ed=2019-02-20&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1550672306&j=86777991

This is a great project for downtown Raleigh finally some height and since Pendo and others are looking for blocks of space and there really are none available big blocks anyway.  

I just wish they could go taller with one of the towers...say 30-40 stories and stagger the other two. I think that would create a dynamic development, but i'll take their proposal as-is. Since I live across the street from this site, I expect to receive a notice from the city about a hearing on this project anytime.

[Merthecat]

3 hours ago, RALNATIVE said:

I just wish they could go taller with one of the towers...say 30-40 stories and stagger the other two. I think that would create a dynamic development, but i'll take their proposal as-is. Since I live across the street from this site, I expect to receive a notice from the city about a hearing on this project anytime.

I'm under the impression that a rezoning isn't required to build it as proposed.  Would it still need a hearing then?