Raleigh council approves Charter Square site sale for $6.3 million

Posted by Colin Campbell on January 7, 2014 

The Raleigh City Council signed off on the sale of the Charter Square downtown office tower site Tuesday, approving the deal with Dominion Realty Partners for $6.3 million.

The move paves the way for construction to begin this month on the 11-story, $54 million building at the south end of Fayetteville Street. The site is atop a city-owned underground parking deck. Plans for Charter Square had been stalled for years amid a sluggish economy.

The city bought the property back from the previous developer in November. The new deal gives Dominion a two-year option to buy the north side of the original Charter Square site, where a second office tower is planned. The city will also pay Dominion $500,000 to build a public walkway through the site connecting Fayetteville Street and Wilmington Street.

Dominion also gets access to 583 spaces in the underground deck, and it has a 30-year option to purchase the entire deck. Parts of the deck and East Lenoir Street will be closed during construction.

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