York Properties is anxious. Condos in downtown Raleigh aren’t cheap and apparently, they aren’t selling well. It’s no secret that downtown’s growth has waned recently, with projects slow to mature and sales slow to materialize. In the Charlotte Observer today Jack Hagel reports that York is putting One Eleven Seaboard on hold. While we have seen continued commercial development, residential plans have been scaled back in many projects across downtown Raleigh.
Hagel goes on to say that the RBC Plaza (the developer was the 2nd highest source of tax revenue in the county) and West are doing fine moving condos. Three Boylan Avenue projects have been put on hold or scaled back and the Tucker has been converted to rentals. George York on the subject: “The market is just gone.” Sounds that way for the time being.
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SideTrack Brewpub trying it again... until there's an opening date, I remain sceptical.
Tuesday, February 19, 2008
Notes From New Raleigh
