Reynolds Tower Moves Forward Despite “Unusual” Economy
High Rise Keeps Rising
The City Council voted unanimously on Tuesday to allow Hillsborough Street Partners, LLC to move forward with their plan to erect a 25-storey mixed-use tower on the 300 block of Hillsborough St.
In November the City approved a bid by the group to purchase the lot at 301 Hillsborough St. This approval was issued on the condition that Hillsborough St Partners obtain financing for the project by Dec. 1st. Now the City says this condition has been met, and a letter from Regions Bank states that “in spite of these unusual economic conditions we remain committed to Mr. Reynolds [partner in the development company behind Reynolds Tower] , his investors and this project.”
The City retains the right to re-purchase the two properties involved - 309 and 301 Hillsborough St - if certain conditions are not met during the development process. Included in these conditions are the stipulation that construction must begin by February 2009 and be completed by March 2011.
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CJT
12/04 12:17 PM
This is exactly what we all need to be doing right now. Keeping up momentum.
-CJT
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kg
12/04 12:47 PM
wish they’d built it across the street requiring the implosion of the clarion.
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Arthur
12/04 01:32 PM
yea, the Clarion has become an eyesore! They can’t even landscape the property!!!
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John
12/04 05:12 PM
At 21 stories, this building will not have nearly the impact on the skyline that the rendering leads one to believe. The floor to floor distance in hotels and residential buildings is typically 10 ft or less while commercial buildings have 4-5 ft more distance from floor to floor. The aggregate difference is likely to be 80 ft. It wouldn’t surprise me if this building was shorter than the Progress Energy HQ.
It’s a shame that this building couldn’t have been 10 floors higher.
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corey3rd
12/04 10:20 PM
The building looks wider at the top. and is the artist looking at it from inside a manhole?
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CJT
12/05 01:41 PM
I hope the glass curtain wall fad dies soon. Shoot me.
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ESR
01/30 11:38 PM
Yea! More condo’s. Maybe if we get enough downtown the price will start to drop.
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d
02/01 10:44 PM
Yeah—-
I can spend 300k on a condo in raleigh versus the same amount in a city with a metro, subway, public transportation that is actually used by it’s citizens and an active and DIVERSE (doesnt mean how many people you know, but how many affect your life)population.
Go condo’s in raleigh!
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