{"id":1004071513,"date":"2013-04-21T23:58:06","date_gmt":"2013-04-22T07:58:06","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=119336"},"modified":"2020-04-27T23:05:17","modified_gmt":"2020-04-28T07:05:17","slug":"developers-city-move-forward-on-54m-spec-office-high-rise-in-downtown-raleigh","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/developers-city-move-forward-on-54m-spec-office-high-rise-in-downtown-raleigh\/","title":{"rendered":"Developers, City Move Forward on $54M Spec Office High-Rise in Downtown Raleigh"},"content":{"rendered":"<p><!--[if gte mso 9]&gt;--><\/p>\n<p><!--[if gte mso 9]&gt;--><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Charter-Square-Downtown-Raleigh1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-119341\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Charter-Square-Downtown-Raleigh1.jpg\" alt=\"\" width=\"242\" height=\"300\" \/><\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Locally-based developer Dominion Realty Partners has joined Charter Square LLC and the City of Raleigh to develop a speculative office project in the heart of the city\u2019s downtown. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Construction on the first of the two Charter Square buildings in the 400 block on Fayetteville Street is expected to begin this fall and take about a year to complete. <\/span><span lang=\"EN-US\">At 215 feet, the structure will be slightly taller than the Marriott City Center Hotel across the street. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to the <a href=\"https:\/\/www.bizjournals.com\/triangle\/blog\/2013\/04\/a-big-risk-says-andy-andrews-of.html\" target=\"_blank\" rel=\"nofollow\"><em>Triangle Business Journal<\/em><\/a>, the cost of developing the 11-story Class A office tower amounts to $54 million. Designed to achieve LEED Platinum certification, the steel and glass building will offer 225,000 square feet of office and retail space, including direct underground parking and an outdoor plaza courtyard. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">So far, the property\u2019s leasing commitments total no more than 35,000 square feet. Three of the four tenants are participating in the project: leasing agent CBRE, designer JDavis Architects, as well as the tower\u2019s developer, Dominion Realty. The company will be located in the building to offer on-site management services. Additionally, G Patel of Eschelon Hospitality plans to open a restaurant in one of the structure\u2019s corner floor spaces. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u201cIt is a big risk because it is spec &#8230; but I wouldn\u2019t have committed to doing it without that site in downtown Raleigh,\u201d Andy Andrews, president and CEO of Dominion Realty Partners told the newspaper. <\/span><\/p>\n<p class=\"MsoNormal\">The downtown Raleigh area has one of the lowest office vacancy rates in the Triangle. Furthermore, <span lang=\"EN-US\">the rental rate in the new building will be $29.50 per square foot,<\/span><span lang=\"EN-US\"> lower than other Class A office properties in the city.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">&#8220;Charter Square will prove to be another driving force that brings businesses to our community and makes Raleigh one of the most sought-after places to live and work in the country,&#8221; said Mayor McFarlane in a news release.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Charter Square is a joint venture comprised of East West Partners of Chapel Hill, Craig Davis Properties of Cary, as well as two Raleigh-based companies, White Oak Properties and Beacon Street Development. The <a href=\"https:\/\/www.newsobserver.com\/2013\/04\/12\/2818488\/developer-to-break-ground-this.html\" target=\"_blank\" rel=\"nofollow\"><em>NewsObserver<\/em><\/a> reports that in 2008, the group acquired the 1.75-acre Charter Square lot from the city for $5.28 million. Later in 2010, the developers completed a 550-space underground parking structure at the site, which the city acquired for $25.5 million. The team had also planned the construction of two mixed-use towers, but their plans were stalled because of the recession. <\/span><\/p>\n<p><em>Photo credits: https:\/\/www.dominionrealtypartnersllc.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Locally based developer Dominion Realty Partners has joined Charter Square, LLC and the City of Raleigh to develop a speculative office project in the heart of the city&rsquo;s downtown.<br \/>\nConstruction on the first of the two Charter Square buildings in the 400 block of Fayetteville Street is expected to begin this fall and take about a year to complete. At 215 feet, the structure will be slightly taller than the Marriott City Center Hotel across the street.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[1815],"class_list":["post-1004071513","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Developers, City Move Forward on $54M Spec Office High-Rise in Downtown Raleigh - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/developers-city-move-forward-on-54m-spec-office-high-rise-in-downtown-raleigh\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Developers, City Move Forward on $54M Spec Office High-Rise in Downtown Raleigh\" \/>\n<meta property=\"og:description\" content=\"Locally based developer Dominion Realty Partners has joined Charter Square, LLC and the City of Raleigh to develop a speculative office project in the heart of the city&rsquo;s downtown.  Construction on the first of the two Charter Square buildings in the 400 block of Fayetteville Street is expected to begin this fall and take about a year to complete. At 215 feet, the structure will be slightly taller than the Marriott City Center Hotel across the street.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/developers-city-move-forward-on-54m-spec-office-high-rise-in-downtown-raleigh\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-04-22T07:58:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-28T07:05:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Charter-Square-Downtown-Raleigh1.jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/developers-city-move-forward-on-54m-spec-office-high-rise-in-downtown-raleigh\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/developers-city-move-forward-on-54m-spec-office-high-rise-in-downtown-raleigh\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Developers, City Move Forward on $54M Spec Office High-Rise in Downtown Raleigh\",\"datePublished\":\"2013-04-22T07:58:06+00:00\",\"dateModified\":\"2020-04-28T07:05:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/developers-city-move-forward-on-54m-spec-office-high-rise-in-downtown-raleigh\\\/\"},\"wordCount\":418,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/developers-city-move-forward-on-54m-spec-office-high-rise-in-downtown-raleigh\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/04\\\/Charter-Square-Downtown-Raleigh1.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"News\",\"Raleigh-Durham\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/developers-city-move-forward-on-54m-spec-office-high-rise-in-downtown-raleigh\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/developers-city-move-forward-on-54m-spec-office-high-rise-in-downtown-raleigh\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/developers-city-move-forward-on-54m-spec-office-high-rise-in-downtown-raleigh\\\/\",\"name\":\"Developers, City Move Forward on $54M Spec Office High-Rise in Downtown Raleigh - 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