Crabtree tower to omit condos – for now
Posted December 10, 2008 12:35 p.m. EST
Updated December 10, 2008 5:52 p.m. EST
Raleigh, N.C. — The planned 43-story Soleil Center will be built in phases and won't include any luxury condominiums until the housing market rebounds, the developer said Wednesday.
The $175 million tower near Crabtree Valley Mall has been stalled several times, most recently by the nationwide economic slowdown. After the Raleigh City Council approved the project in November 2005, developers said they expected it to take less than three years to complete.
Construction on the 300-room Westin Hotel portion of the tower could begin in the spring, said Dicky Walia, a partner in the project.
Walia said the market for high-priced condos has evaporated, but developers could build condos atop the Westin Hotel once the market rebounds.