The News and Observer recently printed an article giving an update on the status of the “Reynolds Tower” project. Here is a quick summary followed by commentary.
Reynolds purchased 309 Hillsborough from the city in Aug 2001 and planned to build a mixed use project; The city had a buyback option if permits hadn’t been filed within 3 years.
In November 2004 Reynolds filed for an extension and planned to purchase an adjacent lot for a larger building. The buyback option was extended, but with a progress update due by February of 2006.
Construction began on the 15 story Quorum center, which should be complete in 2006.
The Quorum has 45 residential units and 75% have already been sold as of today.
Preliminary plans presented to the city.
City expects construction to start by late 2006
Original Plans
32 Story
Mixed use
688,500 sq ft.
200,000 sq ft office
70 room boutique hotel
25 residential condos
Parking garage
There has been some trouble with landing office tenants, but worst case scenario, the office space will be replaced with residential units.
For the past 2 years, this project has been one of the most eagerly anticipated private projects for Downtown Raleigh.
Before RBC announced its move, it was long speculated that they might end up as a tenant in the Reynolds Tower.
Additionally, there were also rumors of Suntrust moving in and creating a Downtown Raleigh presence.
While I’m not sure if this building will become downtown’s tallest, its definitely good to see that the developer doesn’t plan to scale it down.
Originally I feared that the city would push for a shorter building, but I think the Soleil Center’s approval has set a precedent.
It seems that Raleigh should have a 32 story building under construction by the end of this year.
*I still secretly suspect that Suntrust still might have a future in this building. I wouldn’t expect to hear about this until the RBC headquarters is a little further along in its development.
*This is a pretty large building! The floors will be larger than 2 Progress’. (21,000 ft^2 vs 20,562 ft^2)
*The elevation if this lot is about the same as Wachovia’s and about 10 ft above BB&T.