Local News

Downtown Raleigh growth looking mighty bright

Posted August 21, 2008 11:34 p.m. EDT
Updated August 22, 2008 10:46 a.m. EDT

— The lights were turned on Thursday evening at the RBC Plaza office and condominium tower at Martin and Fayetteville streets in downtown Raleigh.

"It's pretty awesome,” said Ed Fritsch, chief executive officer of Highwoods Properties, which owns RBC Plaza.

The mixed-use tower, which includes RBC Bank and current and future development in the downtown area, cost $136 million.

"Raleigh was a natural place to call home,” Scott Custer, RBC Centura’s chairman and chief executive officer, said.

The RBC Plaza is the tallest in Raleigh. Its illuminated crown was described Thursday evening as a lighthouse beacon drawing people to downtown.

"It is meaningful. It is an exclamation point,” Fritsch said.

Three other downtown high-rise developments are also scheduled to be completed this fall – the $221 million convention center, the adjacent Marriott hotel and the Hue condominium building – and more than 1,000 people could soon be living in the condominiums or staying in the hotel.

Custer said there were no limits to how high the Triangle could reach if growth is managed the right way.

"If we can demonstrate that we have our arms around the infrastructure, our arms around how we manage growth, I think we can grow. We can achieve all the dreams this region has for itself," he said.

The RBC Plaza's grand opening is scheduled for October.