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Published: The News & Observer, June 18, 2005

Author: Dudley Price
Staff Writer

Edition: Final
Section: Business
Page: Page: B12

Raleigh gets 5 plans for downtown sites

RALEIGH -- A 12-story hotel and a condominium building with units costing up to $1.5 million are among five proposals that developers submitted for two city-owned downtown tracts. Proposals that met Friday's deadlines are:

South Street site (0.5 acre):
- Empire Properties of Raleigh: 12-story hotel with 80 rooms, 40 condominiums and restaurant. Cost: $40 million.

- Peebles Atlantic Development of Coral Gables, Fla.: 150-room hotel. Cost: $12 million.

Wilmington Street site (1.7 acres):
- East-West Partners of Chapel Hill, White Oak Properties of Raleigh and Craig Davis Properties of Cary: nine-story tower with 118 condos and a 10-story tower with 198,000 square feet of offices, a cinema and restaurant. Cost: $81 million.

- Custom Touch Design, Smyrna, Ga.: 200 condominiums costing $750,000 to $1.5 million, 80,000 square feet of retail and a health spa. Cost: $197 million.

Both tracts: - DSG Group, Memphis, Tenn.: $75 million shopping mall and theater complex on Wilmington Street; $55.5 million nine-story, 250-room hotel on South Street. Company seeks city loan guarantee for 40 percent of cost.

The city will decide whether to negotiate on any of the proposals or to request additional bids.

 
 
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