Pic of the Week

This picture is over a year old. There was no need to take another one cause this site, for The Hillsborough, has been the same for this entire time. According to the city:

“The developer also must meet certain other deadlines in the revised agreement or the City could exercise its option to repurchase the property at 301 and 309 Hillsborough Street. For example, site and foundation work must begin by Feb. 3, 2009 and construction of the project must be complete by March 15, 2011.”

February 3rd is only six days away. Will cranes start showing up this weekend? Place your bets.

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  1. The Reynolds group builds quality, but they have to move on this now. If not, time to sell to a developer from out of town (a real developer with real vision, not someone like “The Layfayette” group)

  2. I agree with Jake. I trust the Reynoldses for building excellent quality, but if they can’t deliver – during these times I cannot blame them, although they had plenty of time in the past – this is a good moment for them to swallow their pride and get rid of one major headache. I do not know if there is any contract with the hotel developer, but I am sure they can get out of it very easily.

    Can we trust another developer, including national names? I am not sure the latter are interested, as they see projects in major urban centers stalling, or even being canceled. As for the local boys, I can only trust Highwoods Properties and Greg Sandreuter to bring something of significant size. The rest of the local developers are interested in smaller projects, for obvious reasons, money and market conditions being the top two.

    One concern I have, and this extends beyond The Hillsborough… Recently, we have heard of several restaurants going out of business. I am concerned that our city leaders try very hard to bring destinations, without having first achieved high residential density. Sure, residents want to shop and be entertained, and business owners want to see strong residential numbers, and quite frankly I am not sure what I would do myself, but I wish the city established some goals and followed them. In the case of The Hillsborough and Lafayette/Site 4, our city leaders should demand no less than 200 residential units, plus hotel rooms and/or office space.

  3. Who are you going to bring in? Many city’s with big developers (Miami, NY, LA, etc…) are buried in debt. Who’s going to loan them money? LNR is from out of town, are they doing any better on Blount Street Commons? They started before all this mess really hit so they have managed to get some work done but look how slow they are moving now. Raleigh is one of the better markets but we are moving slow.

    Earnest- check out the planning section of the Raleigh website. They have published Raleigh Growth & Development (http://www.raleighnc.gov/publications/Planning/Demographics/Growth_and_Development_Report_Fall_2006.pdf) and they are working on Raleigh’s vision for 2030 (http://www.raleighnc.gov/publications/Planning/Comprehensive_Plan_Update/Comp_Plan_Vision.pdf). Mayor Meeker mentioned recently that city officials should spend more effort ensuring that Raleigh follows the plan it has laid out for growth.

    My point is that we have a good developer with a proven track record who has a lot invested in this project already. A good plan & a good track record are attractive to lenders so maybe the Reynolds’ are our best developer.

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