What’s the rush?

1 Comment

1. 

   Deborah Fulghieri

    /  November 12, 2012

   It’s not clear that the developers have much to gain. Perhaps the reason East-West Partners presented the same thing as before they participated in the 2020 discussion group is that they didn’t want to waste money on having an architect modify the project. Perhaps the goal is to force a zoning change so that the owners can sell the land to another developer.

   East-West Partners and Caves Valley Partners (the majority owners of Obey Creek) are also partnered in a mixed-use project in downtown Raleigh called Charter Square. Caves Valley bought the site in 2007 near the convention center from the city for $5.28 million, built a 550-car parking garage which was sold back to the city for $25.5 million (reference: http://www.newsobserver.com/2009/07/21/78959/council-amends-project-agreement.html), and two towers are to be built over the garage (reference: http://www.raleighmsa.com/newProjects-DowntownRaleigh.html). However, no building permits have been applied for, and the site must be resold to the city of Raleigh if not begun by September, 2013. The developers are seeking tenants, but financing is hard to obtain.

   I don’t claim to be an expert, but if a mixed-use project in the capital city (with convention center, performing arts and numerous employers within walking distance) is troubled, would a similar project fare any better in Obey Creek?