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.