Raleigh extends deadline for downtown tower project
Posted July 1, 2008 2:21 p.m. EDT
Raleigh, 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.