‘The Hills’ Runs Out of Money

It looks like this is the end of the line for the project called The Hillsborough. I think no one should be surprised by this as it has been reported in the past that the developers were facing an uphill battle securing financing. Now that it is official, we can move on. There’s no doubt that this land will become more valuable over time. You’ve got Campbell Law moving in across the street and easy access to Fayetteville St. and Glenwood South. Hillsborough St. is a major corridor in and out of downtown so the location is naturally great.

I’m going to bet that there is not a line of people ready to bid on the site and build a tower in these tough times so a temporary parking lot makes the most sense. Fill the hole and pave it over. It could be used by the Campbell law students and faculty. I’m sure the weekend church crowds may enjoy some prime parking right on Hillsborough St. too. It could even be used as a downtown construction staging area for Green Square, the Public Safety Center, or any other project in the nearby area.

Residents of The Dawson, enjoy your view a little longer.

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3 Comments

  1. Leo, I was just as saddened by this news as everyone who liked to see The Hillsborough standing on that site. While I’d rather see something above 30 floors – or even above 40 floors – being built on that site, the implication of losing this project is far greater. It may help some other projects take off, it may also send a negative message to anyone who wishes to try. The location is ideal, and even at a slow pace we may see additional projects materialize nearby. I must also say that it was a great chance to fill a few gaps. Imagine the line that The Hillsborough, Dawson, Hue and Park Deveraux would create. If Empire Properties was to build something across from there (adjacent to Clarion Hotel, we could see a nice urban strip developing.

    Your idea of using it as a staging area is good, although the state would not be interested to use this parcel for Green Square. For one, they already use the parcel that will become the west wing of Green Square. Second, it is at least 2 blocks away, which may not serve the purpose. In one of the few times I agree with councilman Crowder, I think that it could serve as the site for the city’s Public Safety Center, and even more. Given the LEED standards that will be used, it will be just as tall as The Hillsborough. But it is too late for that now :(

  2. It is not a big surprise the developer’s were unable to obtain financing. With the current state of the economy, I would agree that there will not be a lot of interest. Which is why a parking lot would be a great way to create some short term income for the lot.

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