Economy Proves Too Unusual for Reynolds Tower
From the City’s website:
The Raleigh City Council voted 5-3 today against giving the developer of Reynolds Tower an additional six months to close on property at 301 Hillsborough Street that would have been part of the site for the mixed-use project. The council’s action terminates the City’s agreement with the Reynolds Company LLC to develop the mixed-use project on City-owned property at 301 and 309 Hillsborough Street.
Under the development agreement with the City, Reynolds Company LLC had to meet certain deadlines or the City could void the agreement and repurchase the property at 309 Hillsborough Street at the selling price. In 2001, the City sold the developer the land at 309 Hillsborough Street for $458,000. The development agreement has been revised numerous times over the past eight years to accommodate extensions granted to the developer.
Reynolds Company LLC sought the latest six-month extension after missing a Dec. 31 deadline to close on the property at 301 Hillsborough Street. The developer had agreed to purchase the property from the City on an accelerated basis for $4.5 million. In a letter to members of the City Council, Reynolds Company LLC cited the current economic downturn for not being able to close on the property last Dec. 31.
Read More
Politics , Other posts by Brian.
Tagged
City Council Development Hillsborough Street Vote Raleigh Planning Reynolds Tower Reynolds
Related
Get Raleigh Updates
-
J
02/03 09:50 PM
Make it a park. We need green spaces downtown. And art.
-
RAW
02/04 01:18 AM
This is a real shame.
One wonders why the building that was on the lot was torn down, without an approved plan from the developer. It would seem, in the absence of the park, that an empty building would be preferable to a cordoned-off mud puddle.
Totally off subject, but David Reynolds is, in my opinion, the most attractive man in Raleigh. -
Carver
02/04 03:57 PM
We need more taco stands in Raleigh…
-
Fred
02/05 02:43 PM
I suggest a different headline for this article:
Big Tower Projects Prove Too Massive for New EconomyWhat we need is sustainable human-scale development, not luxury hotel/condo towers. Buildings 3 to 5 stories tall will prove to be the winners in the coming years, as they were for hundreds of years before.
Share Your Thoughts
Commenting is not available in this channel entry.