Another hotel is planned near the intersection of Hillsborough Street and Glenwood Avenue.
The project, called The Willard, would feature an AC Hotel by Marriott brand that emphasizes a stylish interior connected to an urban neighborhood. The site is at Glenwood and Willard Street near Snoopy’s Hot Dogs.
A group of longtime local developers has entered into an agreement to sell nearly an acre of office property to make way for the seven-story hotel.
The site between the warehouse district and Glenwood South is exploding with new development, including apartments. Across Hillsborough Street, construction is under way on One Glenwood, a 10-story tower that will house a hotel, shops and shared office space.
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“What’s attractive to us is that it doesn’t come with a cookie-cutter hotel design they bring in from Minneapolis,” developer Roland Gammon said about The Willard on Thursday. “They really want to do indigenous designs. It’s very urbane, but not a huge, convention-type facility.”
Plans call for Marriott to build a five-story hotel, while the development group, 21 Glenwood Partners, retains the air rights and plans to add two additional floors of condominiums. That will mean about 125 hotel rooms and 25 condo units.
Four older office buildings will be demolished to make way for the hotel, Gammon said. Over the years the complex, called Cooper Square, has housed stock investment companies, law firms and mortgage companies.
Gammon said plans will be submitted to the city on Monday, and construction will take about 15 months after approvals are in place.
21 Glenwood Partners is selling the land to Summit Hospitality group for an as-yet-undisclosed price. Summit recently completed a 10-story, 175-room Residence Inn next to the Raleigh Convention Center. Gammon declined to say the purchase price and deeds have not been filed yet. The city lists the combined value of the properties at $3.9 million.
21 Glenwood Partners formed in 2015 when White Oak Properties and The Crown Companies joined to buy Cooper Square. Crown co-developed the Citrix headquarters in the warehouse district with Cherokee Investment Partners senior management. White Oak built the Cotton Mill, Park Devereux and several other urban-living projects.