Zimmer project - Peace & Capital Blvd

[rolly]

The Zimmer Development Company is working on a zoning change from IX-12 to DX-40 for this location on Capital Boulevard and Peace Street.

A render has made it out...

[RALNATIVE]

1 hour ago, rolly said:

The Zimmer Development Company is working on a zoning change from IX-12 to DX-40 for this location on Capital Boulevard and Peace Street.

A render has made it out...

Beautiful. So if current plans for that area come to fruition, we'll have two 40 story towers on both sides of Capital Blvd in that area. Will make the drive into downtown  from the north visually appealing.

[DPK]

Wow that's just beautiful.  Hope they can pull it off as that'd be quite the flanking entrance to downtown there.

[KJHburg]

well I love to see this happen I have some doubts.  First the developer has only done low rise apartments and retail projects not any high rises I have seen.  Building a high rise is a very complicated process and not everyone can pull it off and you do need a track record somewhat.  Kane has that.  For example in 2006 a developer who only built low rise apartments in Indianapolis proposed and started preselling condos for a 50 story high rise in uptown Charlotte.  They had it majority presold but it was never built.  They could not get financing for it. Many people lost thousands of dollars.  Banks just don't trust millions to some developer unless they can prove they can pull it off.  

I have no dog in this fight but I would be willing to bet money if any 40 story tower comes to fruition in that area it will be Kane.  He has shown that he can do it primarily in North Hills.  Just trying to be realistic. 

https://www.zdc.com/

But yes it is a great building if he can pull it off. 

[Trent Y]

1 hour ago, KJHburg said:

well I love to see this happen I have some doubts.  First the developer has only done low rise apartments and retail projects not any high rises I have seen.  Building a high rise is a very complicated process and not everyone can pull it off and you do need a track record somewhat.  Kane has that.  For example in 2006 a developer who only built low rise apartments in Indianapolis proposed and started preselling condos for a 50 story high rise in uptown Charlotte.  They had it majority presold but it was never built.  They could not get financing for it. Many people lost thousands of dollars.  Banks just don't trust millions to some developer unless they can prove they can pull it off.  

I have no dog in this fight but I would be willing to bet money if any 40 story tower comes to fruition in that area it will be Kane.  He has shown that he can do it primarily in North Hills.  Just trying to be realistic. 

https://www.zdc.com/

But yes it is a great building if he can pull it off. 

I also am skeptical of this project. Originally they were claiming it was going to be 40 story office for a "unicorn" company looking to relocate. Now it looks like they have already changed those plans to a mixed use, mostly residential setup. Though that may make it more feasible for getting it off the ground, I also don't trust their track record for something as ambitious as this. Especially with it being as hard as it is already to get a tower this size in DTR. I certainly hope it gets built but I have my doubts.

 

Fortunately, there are a couple more 30-40 story proposals on the table that I think have a much greater shot at being built sooner then later between the RUSBUS faculty rezoning, One Four One Fayetteville, and Kane's Smokey Hollow Phase 3 which has been approved for rezoning.

[InitialD]

I was thinking RUSBUS would be in the 18 to 20 range.

[Green_man]

1 hour ago, InitialD said:

I was thinking RUSBUS would be in the 18 to 20 range.

The rezoning up to 40 should be approved at the next council meeting.

[rolly]

@InitialD agreed.  The other 30-40 story towers pitched are 121 Fayetteville  and  Kane's Smokey Hollow Phase 3.

[RALNATIVE]

Wasn't there also a 40 story tower proposed for the warehouse district?

 

[Trent Y]

1 hour ago, rolly said:

@InitialD agreed.  The other 30-40 story towers pitched are 121 Fayetteville  and  Kane's Smokey Hollow Phase 3.

RUSBUS is requesting to be rezoned to 40 as was already stated. Doesn't mean necessarily it will be much more then 20 but still those are likely the next 3 biggest projects and chances for height.

[Jones_]

10 hours ago, RALNATIVE said:

Wasn't there also a 40 story tower proposed for the warehouse district?

 

Several years ago Greg Hatem was talking up a 30 story on the old Ace Towing lot he now owns, but we all knew that was bluster. Haven't head of anything else though. 

[RALNATIVE]

I found these renderings of the tower posted on Facebook. I suspect these haven't been made publicly available yet.

 

 

Edited September 13, 2019 by RALNATIVE

[KJHburg]

I do think the city council should approve this height for this area and let the free market decide if both or one of these 40 story towers is built.  (Kane having already receiving approval for their tower with affordable housing requirement) 

[RALNATIVE]

50 minutes ago, KJHburg said:

I do think the city council should approve this height for this area and let the free market decide if both or one of these 40 story towers is built.  (Kane having already receiving approval for their tower with affordable housing requirement) 

I'm still unsure how this affordable housing will work and if it will ultimately derail the project. Mere laws of economics and finance dictate that in order to compensate for the decreased revenue resulting from lower cost housing, other costs will need to be increased to make this work.

 

What businesses are ultimately going to be willing to knowingly subsidize lower income housing?

[Jones_]

I love how they made the rail line look like an actually functioning transit line. 

 

[Seaboard Fellow]

On 9/14/2019 at 11:47 PM, Jones_ said:

I love how they made the rail line look like an actually functioning transit line. 

 

Good catch @Jones_ . That would be a great spot for a commuter rail station if this project along with the Seaboard Station redevelopment happens.  

[Crabpeople]

Definitely seems like something we shouldn't hold our breath on, unless more solid details are released.  Do renderings like this usually serve a purpose outside of property speculation and resale value?  Fingers crossed that this isn't "vaporware" like in the tech world, so does anyone have more information whether this is feasible by the developers who own this spot?  Beyond what's already been said?  Until more is known, I'd suggest keeping snarky complaining to where it isn't infectious.

[DownEast]

Ringing any bells?

[KJHburg]

I think this Zimmer project is a big IF  IF they get an anchor tenant for the office,  IF they could get the financing for apartments in a high rise, IF hotel market recovers where they could do a mixed use tower.

I do think a mixed use tower is the most likely to get any height some parking podium, then office space,  hotel or apartments.  however these projects are highly complicated and Kane is right across Capital Blvd has expertise in this and I dont see where Zimmer has (and that is important for financing)   I have no horse in this race but just think 1 tower in this height range would be built and my bet would be Kane's. 

rendering from the N & O

 

 

Edited September 2, 2020 by KJHburg

[RALNATIVE]

1 hour ago, KJHburg said:

I think this Zimmer project is a big IF  IF they get an anchor tenant for the office,  IF they could get the financing for apartments in a high rise, IF hotel market recovers where they could do a mixed use tower.

I do think a mixed use tower is the most likely to get any height some parking podium, then office space,  hotel or apartments.  however these projects are highly complicated and Kane is right across Capital Blvd has expertise in this and I dont see where Zimmer has (and that is important for financing)   I have no horse in this race but just think 1 tower in this height range would be built and my bet would be Kane's. 

rendering from the N & O

 

 

This was the  same rendering I saw posted about a year ago on FB.

 

[KJHburg]

57 minutes ago, RALNATIVE said:

This was the  same rendering I saw posted about a year ago on FB.

 

N&O probably saw it from you then.  I hope this is built or another tower in this height range by someone in Raleigh.  

[RALNATIVE]

42 minutes ago, KJHburg said:

N&O probably saw it from you then.  I hope this is built or another tower in this height range by someone in Raleigh.  

The fact that they are moving forward with the zoning request, coupled with how hot the Peace St/Capital Blvd/Seaboard Station corridor is right now, i'd say that this or something exciting will end up being built on that site. There are a lot of developers interested in that area.

[nicholas]

Hopefully somebody manages to build something here (other than more storage).  Not a super inviting area presently.