Maryland-based Heritage Properties Inc. has started site preparation work for an $86 million, 10-story office building in Raleigh.
One Glenwood at Hillsborough St. and Glenwood Ave. will occupy 227,500 sq. ft., including 15,000 sq. ft. of street-level retail space.
The project’s general contractor is Whiting-Turner Contracting Co., while the architect is JDavis Architects of Raleigh and McAdams Company of Durham is the civil engineer.
The developer secured $40 million in financing from Citizens Bank of Providence, Rhode Island, as the lead construction lender and $20 million in financing from M&T Bank of Buffalo, New York, as a participating lender, REBusiness Online reports.
“We’re only lacking a couple of pieces of paperwork to get it all started,” says Robin Blair, Heritage Property’s vice-president of development and acquisitions. The developer acquired the site in late 2015 and took it through final city approval last year. “Market demand and prospective tenant interest has been strong, and in order to meet some key prospects timelines, we are moving forward with site work,” he told Triangle Business Journal.
