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Site SearchRaleigh, N.C. — The City Council voted Tuesday to give the developer of a proposed downtown tower four months to get his financing in place.
The city sold a half-acre lot at the corner of Lenoir and Salisbury streets, across from the new convention center, to Empire Properties last year. The developer plans to build the 22-story Lafayette tower, which would mix a hotel with offices and high-rise condominiums.
City Manager Russell Allen said Empire missed an April deadline for submitting plans to the city and couldn't confirm the project has the financing to move forward, so he recommended that the city void the contract and ask for new bids on the site.
But the council voted to give Empire an extension to see if the project could come together as planned.
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July 2, 2008 8:59 a.m.
Actually, the city sold the lot to this developer, and how do you think the city got the funding to acquire the land in the first place? Taxes. So while not every issue involves OUR precious taxes, this one does.
July 2, 2008 7:38 a.m.
The taxpayers aren't funding it. The city is simply extending the time for his option on the land in order for HIM to finance and fund it. Not every issue involves your precious taxes.
July 1, 2008 9:57 p.m.
July 1, 2008 8:49 p.m.
July 1, 2008 5:46 p.m.