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January 7, 2014

Raleigh council approves Charter Square site sale for $6.3 million

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 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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