News
November 4, 2008
Council Approves Amended Development Agreement For Hillsborough Street Project
The Raleigh City Council voted unanimously today to amend an agreement with Hillsborough Street Partners, LLC for development of Reynolds Tower, a mixed-use project planned for 301 and 309 Hillsborough Street.
Under the agreement, Hillsborough Street Partners will purchase the City-owned property on 301 Hillsborough Street on an accelerated basis for $4.5 million, closing by Dec. 31. In 2001, the City sold the developer the land at 309 Hillsborough Street.
Hillsborough Street Partners had cited the current economic downturn for the latest delay in securing financing for the Reynolds Tower . Under the revised agreement, the developer must obtain financing for the project by Dec. 1. Hillsborough Street Partners must also meet certain other deadlines in the agreement or the City could exercise its option to repurchase the property at 301 and 309 Hillsborough Street . For example, site and foundation work must begin by Feb. 3, 2009 and construction of the project must be complete by March 15, 2011.
Council Approves Development Agreement For Hillsborough Street Project
Prepared by:
John Boyette
Public Affairs Specialist
Public Affairs Department
For More Information Contact:
J. Russell Allen
City Manager
City Manager Department
222 West Hargett Street
Raleigh, NC 27602
919-996-3070
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