Tower a credit to thrift

June 3, 2009 

The State Employees' Credit Union is planning a 12-story speculative office building at 119 N. Salisbury Street in Raleigh, hoping to expand its presence in the heart of state government, where many of its 1.5 million members work, The News & Observer's Jack Hagel reports.

The project, to take the place of a recently demolished credit union building, has been in the works for years. But more details emerged recently when the credit union filed preliminary site plans with city planners.

The 240,000-square-foot building would include a six-story, 177-space parking deck wrapped with a credit union branch and about 77,500 square feet of offices that will be reserved for prospective renters. Current plans call for the offices to be topped with several dozen extended-stay hotel rooms. But there's a chance that portion may change.

If the plan is approved without a hitch, ground will be broken this fall, says Jim Blaine, the credit union's bank.

"One of the reasons we feel so good about this building is it's so uniquely located," Blaine says. "Also, we're sure to grow into it despite the economy."

Raleigh online retailer Silverland Jewelry & Gifts will open its first store in Raleigh's Sutton Square shopping center in early August, The N&O's Sue Stock reports. The company has been selling jewelry online since 2005, most of it handmade.

Owner Ray Paquette said business is booming, having doubled so far this year from last year. However, he has stayed mostly in the small niche of bridal jewelry. The new store is at Spring Forest and Falls of Neuse roads.

For more business news, go online to www.newsobserver.com/business

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