Charter Square (Site One)

[orulz]

There is an item in the council agenda this week (Sep 17 2013) and it is UGLY.

Link

 

For whatever reason, it looks like the city is going to have to buy back Charter Square. It is possible that the city is moving forward with this in case the most recent development fails, but I see no such mention in the agenda item, so I guess this means the most recent reincarnation has failed.

 

That the development isn't moving forward doesn't break my heart, but now the city has to dig up $20 million to give to the developer who bought the land and the sat on it for so long. So instead of a gleaming new tower, we have a gaping hole in the budget, that will be filled by taking: (for example)

$3.2 million from street repaving and resurfacing

$1.3 million from Peace Street streetscaping

$1 million from emergency facilities maintenance

$250k from improvements to a Northeast fire station

 

The list goes on and on. This really makes it seem like the city gambled big with the convention center and associated redevelopments, and lost.

[CHGuy]

WOW!  The building has been submitted for a building permit.  It makes me think that the equity investor has decided to pull out, collect their money and sink the whole project.  The banks and insurances companies have been the bane of this economy.

[orulz]

OK so I read the attachment and it looks like the city is buying back Charter Square from the original developers; they will then sell part of it (the southern half of the lot) to the new developers.

[Green_man]

So then will the money from selling the property to the new developers go back to the areas of the budget that the money was pulled from?  Seems like a very complicated way of handling these transactions.

[orulz]

Building permits are under review for this one.

Here, here, and here. Not really familiar with this process so I don't really know what each separate permit represents.

[Justin6882]

http://www.newsobserver.com/2014/01/07/3513392/raleigh-council-approves-charter.html

Looks like CS should get rolling later this month.

[Green_man]

JDavis Architects have a new rendering with the building added to the skyline...

 

[RRL7]

The design is quite similar to the MeadWestvaco headquarters in downtown Richmond.  Different architects though, at least from what I can tell.   

[DanRNC]

While the architecture is typically underwhelming J Davis-esque, I guess something is better than nothing in the space at this point. This is being built here in Vancouver on a parcel which is similar in size. I remember when the vision for this plot was much bolder.

 

http://www.telusgarden.com/TelusGarden.html

[Justin6882]

It really does look like a taller version of the MWV building in Richmond.  Good eye.

 

Also, Red Hat is just completely cut out of the "money shot" now.  You'd never know it was there.

 

 

The design is quite similar to the MeadWestvaco headquarters in downtown Richmond.  Different architects though, at least from what I can tell.   

[Atowwn]

Dose anyone know when they will finally start this project? I think they might finish every other project downtown and those ugly black fences will still be there. It really takes away from the whole feel of the city plaza!

[orulz]

I dont think that building permits have been issued yet, so, not yet is all I can say. There are still unresolved issues on the last set of building permits submitted for the 501 Fayetteville St address.

[Jones_]

My gut feeling from news articles etc was that both Charter Square and the office component of Sandreuters block would be the late starters of what is currently in the pipeline. 

Edited February 15, 2014 by Jones133

[NikOnder]

JDavis Architects have a new rendering with the building added to the skyline...

 

 

That rendering looks really sharp. Hopefully the ball will get rolling on this soon. Unfortunately, that picture appears to have been taken off the JDavis website. Hopefully that is not a bad sign...

[CHGuy]

The building permit for Charter Square was issued today.  Construction should start soon.

[Atowwn]

The building permit for Charter Square was issued today.  Construction should start soon.

How long should construction on this building take? If anyone know the answer?

[Green_man]

How long should construction on this building take? If anyone know the answer?

 

They are shooting for 13 months.  There will inevitably be delays, but at least that's the starting point.  However, the developer has agreements with some of the tenants that the developer will pay the companies' current leases for each month that the project is not completed.  That's some incentive to hustle!!

[Dale]

Is the old Krispy Kreme space on the Square occupied ? Thanks!

[Justin6882]

Yes - it's a Chinese food place now.

[NikOnder]

http://www.bizjournals.com/triangle/blog/2014/03/downtown-raleigh-high-rise-building-all-set-to.html

 

Excellent news. Also confirms planned to open within 13 months.

 

I have a question for anyone in the know, however: The article states it will be built over an existing parking deck, although the rendering doesn't appear to reflect this. Can we expect that the height on this may be greater than the impression given in the rendering? That rendering is quite old from what I understand. Perhaps I'm misinterpreting the render, but that would be a nice little added bonus

[OTSpazz]

The parking deck is underground. 

[NikOnder]

The parking deck is underground. 

 

Ah, well that explains that.  The term "deck" gave me a mental image of something above ground. Thanks!

[Euphorius]

They have updated renderings on the website. The only thing that is changed is the base, and it's a slight change. http://chartersquare.com/building-details/

[DanRNC]

Boy that building is really dull and generic looking. Hopefully the its larger future counterpart next door will be more impressive. 

[Euphorius]

I really hope so, because this one isn't hitting on much. I like the wood around the base. It looks a little more inviting than the base shown in the previous renderings.