Credit Slowing The Raleigh Skyline

The Hillsborough site remains the same since January

I wanted to highlight this interesting article in the Triangle Business Journal that gives you an idea of the problems that the lagging developments in Raleigh are facing. Some are related to downtown.

“It’s just a lousy environment,” says Reynolds, who along with his father, Ted, is trying to finalize an agreement to buy the rest of the city-owned property on which The Hillsborough tower would rise at the corner of Hillsborough and Dawson streets.


Not all new developments are affected however.

Full speed ahead; double cranin-it at The Hue

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  1. Anyone heard if this is affecting any developments at North Hills? I’ve found some evidence to believe this may be the case, but I’m not positive…

  2. NHB, yes it is affecting North Hills. From the article:

    “Kane Realty Corp.’s Lassiter at North Hills condominium project off Six Forks Road also has been delayed. Kane has secured 17 presale contracts valued at a total of $20 million for the 49 available units, but the target number needed for a construction loan keeps moving as the lending market tightens, says Bonner Gaylord, director of Kane’s residential division.”

  3. As lenders become more reluctant to loan under good terms for the borrowers, I expect this to cause some delays, or even cancellations. The Hillsborough is a project that I do not wish to see stalled any longer. I am tired of waiting while the developers scale down. Had they moved forward with the original 32-story version, today the project would have toped out and the terms of the loan would have been far better.

    Delays upon delays cause more troubles both in the short and long run, as it is evident, but at the same time I do not wish for developers to fail and set a bad example for other developers. The smaller projects (i.e. Boylan Flats) I do not mind seeing stalled because they should be easier to deliver at a later time. The big projects are the risky ones.

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