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Raleigh to buy back site of failed downtown high-rise

Posted September 17, 2013

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— The City Council on Tuesday approved spending up to $20.2 million to repurchase a downtown Raleigh site that had been slated for a high-rise project.

Charter Square LLC planned an 11-story office and retail tower on Lenoir Street between Fayetteville and Wilmington streets. The developer was unable to meet a Sept. 13 deadline to start construction, prompting the City Council to invoke its buy-back option.

The developer bought the site more than four years ago, and the city had already given a year extension to start construction.

The $20.2 million cost includes reimbursing Charter Square's $5.2 million purchase price, up to $5.5 million for site improvements and up to $9.5 million for other project costs. Officials said they expect the final tally to be less than the full amount.

The city plans to use reserves to pay for the buy-back, and officials said they expect to resell a portion of the site to Dominion Realty Partners LLC, which wants to build a downtown office building.

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  • DontVote4LiarsCheatsOrThieves Sep 23, 2013

    Deceit - "Once again the DEMOCRAT CONTROLLED City Council serves up a SWEET DEAL for THEIR CONTRIBUTORS."

    Perhaps, but then the land may be worth more now then it was then, and it may bring some profits in on resale.

    Did you think about that?

  • DontVote4LiarsCheatsOrThieves Sep 23, 2013

    How about using that money to build a Poor House facility for those unable to find jobs to be housed in and fed for a restricted period of time?

    That's what's REALLY needed downtown, and not just in any downtown, but in all downtowns across the nation.

    Poor Houses use to be county facilities to house the poor. They became hotbeds of abuse with horrific conditions because they could not be supervised properly. But now in the age of video security, they could be, and they're REALLY needed now more than ever.

  • Mon Account Sep 23, 2013

    11 story = high rise? Not so much.

  • TVs_Deceit Sep 18, 2013

    Once again the DEMOCRAT CONTROLLED City Council serves up a SWEET DEAL for THEIR CONTRIBUTORS.

    -- How about a report on who voted for what then and now WRAL? Afraid it'll expose the Democratic scam for what it is?

  • NcNativeRaleigh Sep 18, 2013

    If you want to get a handle on the"real welfare"follow the money.Instead of the constant worrying about the nickle and dimes that some politicians give to the working poor that ultimately finds its way back into the local economy that we all benefit from in one way or another including corporate welfare queens expecting the American taxpayer to subsidies quarterly profits by not offering a livable wage or expecting health care to be administered by er's at the expense of the middle class thru higher insurance premiums and higher procedures, start watching the vault that the GOP is stealing out the back door. If you follow the money, the real welfare, the big money, its corporate welfare that our tax dollars are being siphoned to and are subsidizing corporate profits including sweet heart deals like this. If self reliance and pull yourself up by the boots is good enough for the masses, then it dang gone well enough for CEO's and corporations.This property should be auctioned off for ACV

  • dwntwnboy2 Sep 18, 2013

    "The developer probably took a ride around down there on a Friday or Saturday night and saw all the crack dealers, so they baled."- must not have come too close to that property. I was JUST downtown last friday and saturday and saw nothing but happy yuppie couples enjoying the restaurants and bars and activities offered. To my knowledge, didn't see a single "crack dealer".

  • dwntwnboy2 Sep 18, 2013

    "Lost your rears on that one didn't you Raleigh"- don't know about that. They did get a MASSIVE parking structure built underneath it, not to mention the basics for the building above- infrastructure, electrical and plumbing- should be EASY to build on now that the "groundwork" has been done.

  • Common_Sensey Sep 18, 2013

    "Nice corporate-welfare-queen bailout for rich folks and our heroic "downtown" boosters/entrepreneurs. Good thing it's illegal to feed hungry people on the streets of downtown Raleigh. People might get the wrong idea of what kind of city this is."

    Like it or not, money and corporations make the world go round. And the only welfare-bailout people in society are the ones who voted for Obama and choose to live off the system and remain lazy. IE 90% of the residents of Detriot, Baltimore, etc etc.

  • Common_Sensey Sep 18, 2013

    "Watch Raleigh, there is a property tax hike coming to pay for this fiasco." "Doesn't Jesus frown upon you judging?"

    Bob, what a ridiculous comment. There are more, and bigger, religions in the world than Christianity. Geez...

  • lec02572 Sep 18, 2013

    Lost your rears on that one didn't you Raleigh.

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