by William Needham Finley IV™

Development Beat: Downtown Hotel Opens, ITB Shopping Center Sold for $10M

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Brought to you by Rufty-Peedin Design Builders.


Week of July 10, 2017

New Hotel Opens in Downtown Raleigh

Six Forks Shopping Center Sells for $10 Million

City Unveils Preliminary Bikeshare Location Map

One Glenwood Updates

Developer Pulls Plans for New Hillsborough Street Apartments

Mofu Shoppe Debuts at City Market

Brier Creek Harris Teeter Sets Grand Opening Date

Residence Inn Opens in Downtown Raleigh

The new 10-story Residence Inn at 616 South Salisbury Street, located next to the Raleigh Convention Center and across from the Duke Energy Center for the Performing Arts (Memorial Auditorium), opened last week. The 175-suite hotel will offer a mix of studio, one-bedroom, and one-bedroom corner king suites. Downtown Raleigh’s first new hotel in nearly five years brings with it “10th & Terrace” the “tallest and only full service rooftop bar in Downtown Raleigh.”

In addition to the rooftop bar, the hotel will also host a second-floor breakfast/dinner spot named The Overlook, expected to open to the public in August. Of course, the Residence Inn will also offer the usual host of amenities one would expect to find in any new upscale hotel: Wi-Fi, free hot breakfast, business centers, and a gym. Since Residence Inn, which is owned by Marriott, operates as an extended stay hotel, its suites will also offer kitchenettes.

Construction on the hotel kicked off in late 2015, back when Raleigh was facing a serious shortage of downtown hotels. This looks to be a great addition to the downtown area, with some pretty amazing views from the rooftop bar.


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Creekside Crossing Sells for $10 Million

The Creekside Crossing Shopping Center (who knew that’s what it was called?) at the intersection of Six Forks and Wake Forest was sold to Raleigh Creekside Crossing, LLC last week for a cool $10.1 million, per an announcement from the center’s previous owners.

The Continental Realty Corporation acquired the property in 2014 when it was anchored by a Staples, instead of a Planet Fitness. Last week CRC said that the 60,499 shopping center was at full occupancy at the time of sale, a drastic turnaround from the near-30 percent occupancy it was facing with the loss of Staples, which probably explains why CRC was able to sell it for nearly $4 million more than they purchased it for. For more information on the sale and the property, you can check out the sales brochure here.

The center is now co-anchored by Planet Fitness, Tuesday Morning, and Dollar Tree. If you’re wondering why Kroger was absent from this list of anchors, it’s simple: Kroger is considered a “shadow anchor” for Creekside. Aside from being the coolest real estate term I’ve heard all year, a shadow anchor is essentially a nearby business that draws a lot of traffic into a shopping center.

While Creekside Crossing was built in 1999, the Kroger building has been there since 1991, and the two parcels have always had different owners. So basically, the Kroger walks amongst the Creekside Crossing shops, but it is one of them.

While we don’t know much about the LLC that acquired the property, we are excited to see what this investor might have in store for Creekside Crossing’s future. Personally, I’m holding out for the return of Radio Shack.

City of Raleigh Debuts Bikeshare Map

More than three years after completing the master plan process for its new 300-bike, 30-station bike share system, the City of Raleigh has now made available a draft map proposing the future locations of these new stations.

While the map reveals a few “outlier” stations including locations at Meredith College and the North Carolina Museum of Art, the vast majority will be clustered around downtown, including one at the museums, another at Moore Square, a spot at the future Union Station, and, of course, a Dix Park location.

Downtown and nearby downtown locations
Hillsborough Street locations

The system is expected to be fully operational by Spring 2018. If not, we imagine the Mayor will be most displeased at the lack of progress. (That’s a Star Wars joke, people.)

Developers of One Glenwood Unveil Virtual Tour

It’s been five months since demolition work began at the old Blue Tower Restaurant spot at 605 Hillsborough Street to make way for the new One Glenwood project. Last week its owners put out an impressive promotional video offering a digital tour of the planned mixed-use development. Unfortunately, we can’t embed the video, but that’s why screenshots exist.

Developed by Heritage Properties out of Towson, Maryland, the 10-story, 219,500 square foot mixed-use commercial/office building at the intersection of Hillsborough Street and Glenwood in downtown Raleigh will include 14,500 square feet of retail space on the ground floor and a 650-space parking deck on a separate site across W. Morgan Street.

Developer Pulls Plug on Hillsborough/Bagwell Project

A new apartment complex that would have been built on the corner of Hillsborough Street and Bagwell Street has been withdrawn. Despite winning approval of both the Planning Commission (a 9-0 recommendation) and the Wade Citizens Advisory Council (who voted 19 in favor, 9 against, 9 on the fence), City Council gave developers two weeks to decide if they could live with a 4 story building on the site. Hoping to build five stories, the developers requested a denial of their case. So instead of a $7M mixed use building, NC State students can continue to enjoy a decommissioned gas station turned auto-repair shop.

Pho Nomenal’s Mofu Shoppe Opens at City Market

photo by 919Raleigh.com

The highly anticipated sit-down restaurant offering from the phenomenally successful owners of the Pho Nomenal Dumpling food truck opened to rave reviews last week, earning an average of five stars on the social networking site Yelp.

The owners, who funded construction of the restaurant with the $50,000 they won on The Great Food Truck Race, are now offering downtown Raleighites a permanent spot to “enjoy the flavors of Asia,” offering dishes that are “inspired by the foods commonly eaten in several Asian countries and represent our identity in a unique way.” Check out more pics from 919Raleigh.com, who attended the sneak peek event.

If A Store Opens In Brier Creek, Does Anyone Care?

The first phase of the new shopping center The Corners at Brier Creek is set to make its debut next week with the grand opening of a brand-new, 67,000 square-foot Harris Teeter. The ceremonial ribbon cutting will take place at 8 a.m. on July 19, and the store will be offering “weeklong, in-store sampling” in celebration. Crowds are expected to be in the tens of people.

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