Jun
30
111 Seaboard Project Canceled
Apparently the York Properties condo venture near the Seaboard area, 111 Seaboard, has been canceled due to “changing circumstances and uncertain timing.” Reservations are being released and refunds are being made.
7 Comments
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July 1st, 2008 at 8:09 am
Excellent! One way to get an ugly building from being built. Our city has too many developers that have no idea how to build downtown structures with character (and get the job done on schedule).
July 1st, 2008 at 9:44 am
Can’t say I am happy about it, but I always thought that something taller was probably a better proposition. The problem with canceling this project lies on the fact that many businesses invested on relocating to that area based on the assumption that more residents will come. They will definitely be hurt by this cancellation, but I surely hope someone with a great vision takes over. This parcel should be worth more than when initially purchased, therefore it makes sense that the next vision will be larger.
I am too scared to look at the list of stalled and canceled projects these days
July 1st, 2008 at 10:09 am
This is not the end of the world for the businesses in the Seaboard area since an apartment project is planned for the parking lot ocean next to the Ace Hardware.
I think that the demand for “luxury” condos downtown has been met for the time being, and a more diverse mix of housing is the next wave of demand that should be addressed by new projects.
July 1st, 2008 at 11:52 am
Not at all hurt by this.
I think the traffic on Peace and Capital intersection area needs a makeover first for quality developments to pop up in this area.
July 1st, 2008 at 12:40 pm
Another bland building concept dies its rightful early death.
Good riddance.
July 1st, 2008 at 1:33 pm
Leo, I couldn’t agree more about that intersection - what a nightmare! Even worse, there are no sidewalks. I once walked from downtown (near the capital bldg) to Jersey Mike’s and found myself in medians and grass more than once.
July 1st, 2008 at 3:27 pm
Yes, it’s a very Raleigh cookie-cutter design and I would love for it to be more innovative but it’s not awful. If they keep the same design and make it LEED certified, I would feel great about it. As far as height, it’s proportional to the things around it including Cotton Mill, Blount Street Commons, and the new AIA HQ that will be across the street. And since I’m being so contrary here, it will be interesting to see pricing for future downtown residential developments. More ecomoical pricing would be nice but if these builders are leaving money on the table, I don’t see it happening. Why build a place and sell it for $150K and watch the new owner turn around and sell it for $225K?