Soleil Center I & II at Crabtree

[Jones_]

Was this originally 290 hotel rooms and only 54 condos? Who knows….might actually get built this time. It's really only riding on the hotel business plan and selling a handful of those condos...

[orulz]

N&O has some more details about the revival of Soleil Center. Lennar appears to be behind it, through a subsidiary called Rialto Capital Management. The article also connects the dots between this and Carolina Row, a large mixed-use complex which is planned across Glenwood Avenue from the mall.

[ctl]

I wonder if Westin is still "in" for the project. Their nearest hotels are Charlotte and Richmond. Starwood has 8 properties in the Triangle, including several Sheratons, but a Westin would be their premier local property in the absence of a St Regis or their other top-tier brands.  

 

Of course, Soleil would re-use the land of what used to be the Sheraton Crabtree which became a sad Four Points before it closed.

[RALNATIVE]

That site is such a prominent location in the Crabtree Valley area; hopefully the developers will build something substantial and not more cheesy apartments. In total, there must be around 25-30 apartment complexes in Raleigh proper alone that are either recently built, under construction, or planned for groundbreaking this year.

[Jones_]

N&O has some more details about the revival of Soleil Center. Lennar appears to be behind it, through a subsidiary called Rialto Capital Management. The article also connects the dots between this and Carolina Row, a large mixed-use complex which is planned across Glenwood Avenue from the mall.

Ah ok, this is strictly to maintain the maximum marketability of the land. So nothing to see here....

[dmccall]

I'd rather live on top of a Westin than in the woods overlooking the Beltline.

[JeffC]

Ah ok, this is strictly to maintain the maximum marketability of the land. So nothing to see here....

This.  If you don't re-activate the plan, then according to N&O you have to start over again in the zoning/development approval process.  Of course, if the buyer isn't interested in something similar to Soleil, then doesn't really make sense to reactivate, unless there are some kind of stringent new rules (parking, setbacks, etc.)that have come on line since the project went in the crapper, and project needs to maintain grandfathering...

[ctl]

http://www.newsobserver.com/news/business/real-estate-news/article23761078.html, "Virginia hotel developer buys Soleil Center property for $5.35M"

 

Shamin owns one Hilton, one Double Tree, one Embassy Suites, four Hilton Garden Inns, two Homewood Suites, eight Hampton Inns, one Hyatt Place, three Courtyard by Marriotts, one Fairfield Inn, two Residence Inns, six Holiday Inn Expresses, two Holiday Inns, one Aloft, one Comfort Suites, and one Quality Inn. Respectable, but not a top-of-the-line player. If they stick to their pattern, what we're likely to see on this property won't be much different from the Sheraton that opened there in the 1970s.