High-rise out, but hotel, other housing still in plans for Moore Square area development
CARLY HAYNES, WRAL, NEWS LIVE
IN ON CURE.
>> NEW CHANGES NOW FOR THE
FUTURE OF MOORE SQUARE IN
DOWNTOWN RALEIGH. A PROPOSED
NEARBY RESIDENTIAL TOWER IS NOW
OFF THE TABLE WHILE A PLANNED
HOTEL AND AFFORDABLE HOUSING
THAT'S STILL MOVING FORWARD.
THIS IS THE AREA WHERE EACH
REDEVELOPMENT WOULD HAPPEN.
YOU SEE IT HERE ON THIS MAP.
WRAL'S FLYNN, SNYDER. HE'S
EXPLAINING THE CHANGES CITY
COUNCIL MEMBERS APPROVED AND
WHEN WE COULD SEE IT COME TO
LIFE.
>> A STEP FORWARD FOR A PROJECT
THAT AIMS TO BRING A MAJOR
FACELIFT NEAR ONE OF RALEIGH'S
PREMIER PARKS, SUCH A PART OF
THE FRONT. JUST SO LOVE THE
CITY CITY COUNCIL MEMBERS
APPROVED RECOMMENDATIONS FOR
HOW TO PROCEED WITH THE MOORE
SQUARE PARK. REDEVELOPMENT
PROJECT TO US. THAT ONE WHERE
WE HAVE LEADERS VOTED TO
CONTINUE NEGOTIATIONS WITH
DEVELOPERS OVER A HOTEL ON
CITY-OWNED LAND JUST SOUTH OF
MOORE SQUARE PLANNED FOR 2 TO 3
YEARS FROM NOW. CITY STAFF TOLD
COUNCIL MEMBERS THAT IN
AGREEMENT IS IN THE WORKS TO
FIX A MORE THAN 2 MILLION
DOLLAR GAP. AND WHAT DEVELOPERS
WANT TO PAY FOR THE LAND VERSUS
THE SITE'S APPRAISED VALUE.
MANY OF THE DISCUSS CHANGES
CENTERED AROUND CITY LAND JUST
EAST OF THE PARK. A PROPOSED
RESIDENTIAL TOWER HERE APPEARS
TO HAVE BEEN SCRAPPED.
>> WITH CITY STAFF CITING
RISING INTEREST RATES AND
DECLINING RENTS AS THE REASON
ACCORDING TO CITY DOCUMENTS,
DEVELOPER LOWDEN, HOSPITALITY
SAYS A RESIDENTIAL TOWER CANNOT
BE FINANCED ON THIS SITE IN
THE CURRENT MARKET, COUNCILMAN
COREY BRANCH SAYS FINANCING IS
AMONG THE PROJECTS BIGGEST
CHALLENGE IS TO TRY MARKET THE
LEADERS ARE MOVING FORWARD WITH
THE PLANNED 160 UNIT AFFORDABLE
HOUSING COMPLEX ON THE EAST
SITE.
>> SET TO START CONSTRUCTION
EARLY NEXT YEAR. IT'S A MAJOR
PART OF THIS PROJECT THAT
LEADERS BELIEVE WILL DIRECTLY
IMPACT THE FUTURE OF DOWNTOWN
RALEIGH. TO TELL YOU, THE MORE
PEOPLE IN THE AREA, MORE AREA
AND WHOSE SAFETY FLYNN, SNYDER,
WRAL, NEWS, RALEIGH COUNCIL
MEMBERS ALSO VOTED TO END
NEGOTIATIONS WITH DEVELOPERS
FOR THE EAST SITE AND TAKE