301 Hillsborough should hold a special place in the hearts of longtime readers. Exactly 12 years ago, I had a blog post about plans for a 32-story tower at the site but the impending recession basically wrecked it.
The former buildings on this site were demolished in 2007 and when no development plans took place, the site was made into a surface parking lot years later. It’s remained ever since.
Plans have come and gone and this time, the latest owners have submitted plans for a 20-story tower with 300,000 square feet of office space. The rendering, shown above, is of the first phase of the project as the owners own the majority of the block. (minus the southwest corner where The Flying Saucer runs out of)
Later phases could include a hotel and apartments but this first phase is planned to start later this year. With no rezoning needed, the process should move quicker especially with the developer planning to build on spec. (no tenants lined up)
With the DRA’s 2018 State of Downtown Raleigh report saying that the downtown office occupancy rate is at 94.7% that probably means we have a healthy office market and developers can take some risk here.
Great to see progress here on this block. It’s been a long-time coming.
- Pic of the Week | February 4, 2020
- Revisiting 301 Hillsborough Street and Plans For 20-Story, Mixed-Use Building | August 8, 2017
- Hillsborough St. Gets Taller | February 3, 2014