Heritage Properties, Inc., developer of downtown Raleigh’s One Glenwood project, has proceeded with site preparation in order to respond to market interest and shorten the construction time. Whiting – Turner, One Glenwood’s general contractor, has installed construction barriers and fencing, and will begin demolition shortly.
“Market demand and prospective tenant interest has been strong and in order to meet some key prospects timelines, we are moving forward with site work,” commented Ryan Blair, Vice President, Development and Acquisitions at Heritage Properties. “We are in the final stages wrapping up a few documents, and will soon commence construction on this one of a kind project”. Once construction commences, One Glenwood will be ready for occupancy in about 18 months.
Heritage Properties has secured financing from Citizens Bank as the lead construction lender and M&T Bank as a participating lender. One Glenwood team also consists of Trinity Partners as the leasing agent, JDavis Architects as the architect, and McAdams Engineering as the civil engineer. Heritage and Trinity Partners plan to make major tenant announcements later this summer, and also release downtown Raleigh’s first of its kind hotel that will also be constructed at the project.
The $86-million, 10-story Class-A office building totals 227,500 SF including 15,000 SF of street level retail space and features a rooftop terrace and lounge, fitness center with locker rooms for exclusive tenant use, bike share and bike room, and reception desk. Tenants can design their offices based on their specific needs with open, efficient floorplates, and glass curtain walls allow for abundant natural light and views from every floor. The project features an abundance of parking with its 730-space on-site parking garage, providing corporations the ability to densify their space to create a modern, cost effective design. A video highlighting the project can be seen here: One Glenwood Video.
Baltimore-based Heritage Properties carefully considered One Glenwood’s design to take full advantage of the unique location. Tenants can enjoy sweeping views of downtown Raleigh and unmatched signage opportunities, with highly visible marquee signage available at one of downtown Raleigh’s most popular intersections. Located at Hillsborough Street and Glenwood Avenue, the development sits atop of one of the highest elevations in the city, surrounded by amenities and connecting two of Raleigh’s burgeoning downtown areas: the warehouse district and Glenwood South.
“Interest and momentum in One Glenwood continue to increase, further validating the building’s prime location and unique ability to offer its own on-site parking. This building will transform Hillsborough Street and will be a revolutionary new addition to the Glenwood South and Warehouse Districts of Downtown Raleigh,” commented William Allen, Partner, Office Leasing at Trinity Partners.