Progress Energy's newest tower shot up from Davie Street with all the hoopla one might expect for a city that was starving for new life back in 2004. You couldn't miss it.

But its prominence obscures a building that quietly slipped in behind it: Palladium Plaza. The condominium project's little-noticed arrival at the southwest corner of Davie and Blount streets reflects how comfortably its design fits into the city's landscape.

Even six months after construction finished, Progress employees -- who work in the tower next door -- ask how long Palladium has been there, said Hadley Watson, a project manager for Palladium's developer, White Oak Properties. Other observers ask what the building was before it was condos, only to be surprised by the answer: a few small buildings, which were demolished.

But behind the new building's quiet presence are several distinguishing characteristics that speak volumes about the direction of downtown.

WHAT IT IS: Palladium Plaza stands five stories on a narrow acre. It includes 66 loft-style condominiums, three street-level retail spaces and outdoor common areas. It has a small parking deck and shares additional parking with Progress Energy in another deck. Units range from 690 to 2,100 square feet in several layouts. Prices have ranged from $150,000 to the high $400,000s.

WHO LIVES THERE: There are many first-time homeowners. Single men and women and young couples make up the majority.

And there are people such as Joanne Malouf. She had been living in a Cary subdivision with her husband and two children since 1993. "I loved Cary," said Malouf, 51. "I loved raising our children there."

But when their son, Ray, headed to college, and their daughter, Natalie, entered Cardinal Gibbons High School, Malouf and her husband, Abdallah, decided to drop anchor in Palladium. They live in a top-story corner loft with views of City Market.

"My ultimate dream would be to live in New York," said Malouf, who was born in New Jersey and used to work in Manhattan. "But we knew that if we were ever to live in a city, New York probably isn't it any more. It's way too expensive, and we still have to finish educating our kids.

"And this may sound really corny," she added, "but North Carolina is home. I can't even imagine moving back up there."

HOW IT FITS: White Oak President Roland Gammon calls the project "edgy," which is an apt description on a couple of levels: Palladium is on the southeastern edge of the center-city's renewal, and its interior -- with exposed pipes and concrete walls, high ceilings, big windows and stainless steel fixtures -- offers a fresh, urban feel.

The narrow tract upon which Palladium was built didn't allow for much definition in the face of the building. But hunter-green trim, concrete-and-iron balconies, exterior light fixtures and shadows cast from trees that line the walkway add visual depth.

The project is among several recent changes on a six-block cluster southeast of the intersection of Fayetteville and Martin streets.

Palladium is on the lot east of the new Progress Energy tower.

On the block across Davie Street, Cary developer Hamilton Merritt and Cherokee Investment Partners of Raleigh want to build a pair of towers including an eco-friendly mix of shops, offices, hotel rooms and residences. The project, called Edison, would surround a 1,250-space parking deck being built on the block.

To the northwest, Highwoods Properties is finishing RBC Plaza, the Triangle's tallest tower.

To the northeast, 96-year-old City Market is poised for upgrades.

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