News
September 3, 2008
Council Agrees To Amend Contract For 301 Hillsborough Street
The Raleigh City Council today agreed to amend the offer to purchase contract agreement with Hillsborough Street Partners, LLC for the development of 301 and 309 Hillsborough Street. Under the amendment approved by the Council, Hillsborough Street Partners, LLC must have its project financing completed by December 1 and construction is to begin within 60 days after that. Also, Hillsborough Street Partners, LLC must sign an amended contract within 30 days from today outlining the new terms.
The City sold 309 Hillsborough Street to Hillsborough Street Partners, LLC in August of 2001 with the expectation that development would begin no later than August of 2003. The property has operated as a parking lot since that time. A contract for the sale of 301 Hillsborough Street was approved in July of 2006 with an agreement that construction would begin by October of 2007.
Prepared by:
David Blount
Public Affairs Specialist
Public Affairs Department
For More Information Contact:
Julian Prosser
Assistant City Manager
Administrative Services Department
222 West Hargett Street
Raleigh, NC 27602
919-890-3840
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