Published: The News & Observer, June 18, 2005
Author: Dudley Price
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.