Progress Energy Breaks Ground On Major Downtown Raleigh Development
Posted April 1, 2003 11:50 a.m. EST
RALEIGH, N.C. — Progress Energy officials and Raleigh city leaders broke ground Tuesday on a major development project for downtown Raleigh.
A groundbreaking ceremony was held at the corner of Davie and Wilmington streets -- the site of Progress Energy's new headquarters.
The 19-story building will be located across the street from company's current building, promising a new look for Raleigh's skyline.
"It's a big day for the city of Raleigh. We've been planning for a long time," Mayor Charles Meeker said.
The city is counting on the success of the project to bring more revitalization to this part of downtown.
The new Progress Energy headquarters will be a mixed-use project.
"The office tower will be first, along with the retail on the ground floor of that. Then residential will follow closely behind that," said Bill Cavanaugh, Progress Energy CEO.
The project also includes six levels of parking that Raleigh taxpayers will pay for. The spaces will be leased to people who work downtown.
Meeker said the investment is worth it.
"We are looking forward to a number of other residential projects as well as restaurants coming forward, surely. This is a big one for us," he said.
The Progress Energy building is just one element of a plan by city leaders to make downtown Raleigh a place everyone will want to go. The goal is to have a new convention center, a hotel and possibly reopen Fayetteville Street to traffic by 2008.
Construction on the 18-month project is set to begin in few weeks.