A Maryland-based developer plans to build a 10-story office building at the corner of Hillsborough Street and Glenwood Avenue near downtown Raleigh.
The Heritage Properties project, to be called One Glenwood, is the latest example of the expansion of downtown redevelopment activity beyond the Fayetteville Street corridor.
Heritage’s 219,500-square-foot building would include 14,500 square feet of retail space on the ground floor. The more than $100 million project also includes a 650-space parking deck.
Ryan Blair, an associate with Heritage, said One Glenwood is to be built on one of the highest elevation points in the downtown area.
“The zoning around the building is minimized so the views will be protected,” he said. “This will offer some of the best views in the city for any building.”
The current zoning for Heritage’s site already allows for a 12-story building.
Heritage paid just over $4 million last month for the .8-acre site across Hillsborough Street from the Snoopy’s restaurant. The land is now home to a surface parking lot and several one-story office buildings.
Heritage has another 1.5 acres under contract at 607 W. Morgan St., where Shelton’s Furniture now sits and where the developer plans to build the parking deck. The ...