A group of Raleigh developers and a Washington real estate firm have been selected to build a 125-room hotel on Hillsborough Street across from the N.C. State University Bell Tower.
N.C. State officials announced the selection of Bell View Partners and The Bernstein Companies on Tuesday. The university’s endowment fund has spent the last several years buying up property across from the tower in an effort to make the site more attractive to developers.
The project is the latest in a flurry of redevelopment activity along Hillsborough, which was given a $10 million makeover by the city last year. Earlier this month The Brewery, a popular live music venue, was demolished to make way for a drugstore, a parking deck and apartments.
N.C. State began soliciting redevelopment proposals for the 1.3-acre of property it owns in the spring.
The hotel would include ground floor retail and a restaurant. The project would occupy the stretch of Hillsborough between Enterprise Street and Maiden Lane, replacing both Sadlack’s Heroes and a retail center that is currently home to Schoolkids Records.
Sadlack’s, which has been around for more than 30 years, was completely renovated just five years ago.
Ralph Recchie, N.C. State’s director of real estate, said in a prepared statement that the hotel project is a big step forward in the continuing effort to make Hillsborough Street a destination.
Bell View will also be charged with redeveloping a smaller parcel that the university owns near the Player’s Retreat restaurant. Specific plans for that piece have yet to be determined, said Michael Sandman, a Bell View partner.
Sandman, Mark Andrews and Joe Whitehouse formed Bell View earlier this year specifically to develop the N.C. State property. The partners have also been involved in the Paramount condominium project in downtown Raleigh and The Cypress retirement community in North Raleigh.
The Bernstein Companies own and manage four hotels in Washington, Annapolis, and Bethesda, Md. This is the company’s first project in the Triangle.
Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or
Comments
I miss the Breakfast House!
Fri, 09/09/2011 - 20:25 — allenturnerIt's been gone for years now, but it was an eatery/bar at part of the location of what will become the hotel, which I patronized every afternoon after work when I lived in Raleigh in the mid '80s.
Sign of the times
Tue, 08/23/2011 - 17:32 — cbrosePut a big fancy hotel up by NCSU. ALmost like the property values around UNC. Nobdy can afford to go to them anyways unless you are rich so it will probably do well.
When the hotel fails it will
Tue, 08/23/2011 - 15:51 — Locomotive_BreathWhen the hotel fails it will be turned into a dorm. Who really thinks there's a demand for a hotel at that location?
Hotel
Tue, 08/23/2011 - 13:58 — gamilicadA dormitory, would be a better choice. Think, Lemon Tree, Brownstone and Velvet Cloak...............all dismal failures.
Better yet, move the Faculty Club/University Club to that location. College/University clubs on campus, fare much better, than satellite locations.