Yet another high-rise building could be coming to downtown Raleigh.
Boston-based developer The Fallon Co. has submitted plans to the city to build a new 20-story tower on Hillsborough Street, the latest in a string of plans for high-rises in the city’s center.
The submitted plans — which call for nearly a million square feet of construction — come nearly a year after the company bought most of the two-acre city block at 301 Hillsborough St. for $17 million.
The land, which The Fallon Co. bought from the Lundy Group and Hyde Street Holdings, has long been targeted for dense development. In 2017, Lundy and Hyde planned to use the land to create City Centre, which also would’ve been 20 stories, before they scrapped those plans and decided to sell.
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The city block bordered by Hillsborough, Harrington, Dawson and Morgan streets is nearly all owned by The Fallon Co. now. The only parcel it doesn’t own is home to the pub The Flying Saucer.
The plans submitted by The Fallon Co. show that the tower would have several uses if completed, including office space, a hotel and residential units. Specifically, the plans say there will be 136 residential units and 169 hotel rooms in the tower.
The project would not require a rezoning request, as it falls within the city’s height limits for that section of downtown.
Efforts to reach The Fallon Co. were not immediately successful, but a web page about the project on the company’s website says construction could start in the fall of 2019, with a completion date set for the end of 2021. The architect for the project is listed at Durham-based Duda|Paine, which also designed the Dillon tower in the nearby Warehouse District.
On its website, the company also notes that the first phase of development would include 300,000 square feet of office space.
The 301 Hillsborough project is just the latest in a recent string of high-rises being planned for downtown Raleigh. Earlier this year, Kane Realty and Williams Realty submitted a rezoning request to ask for up to 40 stories to be built on the northern edge of downtown. That came after Kane had already asked to build another 20-story tower in the Warehouse District.
And last year, Five Horizons Development submitted a request to build up to 20 stories on South Saunders Street, in a move that would seriously expand the southern edge of downtown.