Another tower for Hillsborough St. likely as developers work to buy up block

A group of developers with big plans for the 300 block of Hillsborough Street has acquired another piece of land in the area where it plans to build a mixed-use tower.

The Lundy Group, a Raleigh development firm, paid about $4 million for a .67-acre lot at the corner of Harrington and Hillsborough streets. The land, at 327 Hillsborough St., sits across from the circular Holiday Inn Raleigh Downtown and is within walking distance of the State Capitol, Glenwood Avenue and Fayetteville Street.

The site is currently occupied by a parking lot and a law office for Hatch, Little & Bunn.

With the purchase, Lundy will own almost the entire 2-acre block between Hillsborough Street and West Morgan Street, where it has plans to build a tower with retail on the ground floor, offices in the middle and apartments or condos on top.

The only remaining piece of the block that is not owned by Lundy is a .17-acre piece along Harrington Street where the Flying Saucer Draught Emporium is located, according to city records.

No one at Lundy was available for comment Wednesday, but a site review application filed in November requested approval for a 20-story building with up to 220,007 square feet of office space, 40,382 square feet of retail space, 242 residential units, 176 hotel units and a parking deck.

The company purchased the 1.2-acre property at 301 Hillsborough St. from the City of Raleigh during a 2015 auction for $6.3 million. The auction for the 1.2-acre parcel, adjacent to 327 Hillsborough St., drew interest from five developers, some as far away Florida and Texas.

That site is currently used as a parking lot for the Campbell University Law School.

This story was originally published January 4, 2017 at 6:09 PM with the headline "Another tower for Hillsborough St. likely as developers work to buy up block."