Two real estate projects are moving forward on North Carolina State University’s Centennial Campus.
In July, university officials finalized details on a 155-room Marriot Hotel with 7,500 square feet of meeting space and conference rooms. The $28 million building will overlook Lake Raleigh and sit adjacent to the Park Alumni Centers.
Michael Harwood, associate vice chancellor at the Centennial Campus Development Office, said the new hotel meets the University’s need for a versatile meeting space. “We have academic faculty and staff that have a lot of conference and training opportunities that are currently housed off campus,” said Harwood. “Corporate partners here on Centennial Campus need a place for their sales meetings, training and meetings related to their companies where they are bringing in folks from out of town,” he added, referencing benefits the hotel will create for the University’s corporate partner relationships.
The hotel will be independently managed and operated, with NCSU leasing the land to NF II/CEI Raleigh LLC. Construction is likely to begin in the spring of 2015.
The Raleigh-based White Oak Properties also noted its continued plans to build on Centennial Campus. North Shore, the long-delayed town home and condominium project on Lake Raleigh, is set to begin construction on its first development phase, including a pool, pool house, and 10 town homes.
Eventually, White Oak plans to build 47 townhomes and 64 condominiums in Phase I, covering half of the project’s 15-acre site. The other half of the site has yet to be master planned. Initial prices range from the low $200,000s to $315,000.
White Oak believes that demand for the new units will be high, especially from the roughly 4,000 university and private-sector employees working on Centennial Campus. Watch the video below for a walkthrough of the proposed North Shore:[youtube]https://www.youtube.com/watch?v=yY0HNLRWHuA#t=38[/youtube]
Additional construction is still on the way for Centennial Campus. More than 4 million square feet of the 1,100-acre campus is developed now, but the university has approved an additional 9 million to be developed in the coming years. Approximately one-third of the approved space will be devoted to residential projects.
A 145,000-square-foot office building, Alliance One, is already expected to open in the first quarter of 2015. A further expansion that would add 75 rooms and more meeting space is under consideration for the Marriot Hotel. Plus, a Town Center on the northeast shore of Lake Raleigh that would add 400,000 to 500,000 square feet of retail and residential space is being planned.
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