City of Raleigh to reacquire land reserved for downtown high-ris - Local news, weather, sports Savannah | WSAV On Your Side

City of Raleigh to reacquire land reserved for downtown high-rise

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The Charter Square building will be located across from the Marriott City Center Hotel on Fayetteville Street. (JDavis Architects) The Charter Square building will be located across from the Marriott City Center Hotel on Fayetteville Street. (JDavis Architects)
RALEIGH, N.C. -

The planned Charter Square building that was to tower 11 stories over City Plaza will go back to the drawing board.

Raleigh City Council approved a budget Tuesday for the buyback of the property. The buy-back is contractually obligated, and was triggered by Charter Square, LLC's inability to meet the Sept. 20 deadline to start construction on the mixed-use building.

City Council previously granted Charter Square a one-year extension to its construction deadline.

The buy-back is the latest chapter in a saga that has seen the building's construction long delayed due to economic conditions.

Craig Davis Properties originally proposed a twin tower development that would house a mix of retail and residential space. But the project was pared down to one tower of 11 stories with 225,000 square feet of office space for rent.

The project left open a space for a second building next to Bank of America Plaza. The buildings were to sit atop an underground parking deck owned by the City.

The approved budget calls for the City to pay no more than $20,275,000 to reacquire the site. The cost includes reimbursement of the original $5,275,000 purchase price paid to the City for the land, up to $5,500,000 to repay the developer for improvements made to the property and third party project costs not to exceed $9,500,000.

The buy-back will be funded by the remaining balance of the City's Economic Reserve Fund, general debt service reserves and General Fund unassigned fund balance.

The City is in contract negotiations with Dominion for acquisition of the southernmost portion of the land for the construction of a commercial office building, and expects to sell the remaining part of the land within several years.

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