WJTV News Channel 12 - Raleigh's skyline getting an addition

Raleigh's skyline getting an addition

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The Charter Square building will be located across from the Marriott City Center Hotel on Fayetteville Street. Image courtesy of JDavis Architects The Charter Square building will be located across from the Marriott City Center Hotel on Fayetteville Street. Image courtesy of JDavis Architects
The original plan for the Charter Square building included two towers that included both residential and commercial space. This plan was scrapped for the new design. Image courtesy of Craig Davis Properties The original plan for the Charter Square building included two towers that included both residential and commercial space. This plan was scrapped for the new design. Image courtesy of Craig Davis Properties
RALEIGH, N.C. -

Raleigh's skyline is getting a new addition.

The new Charter Square building is going up on the 500 block of Fayetteville Street, right across from the Marriott City Center Hotel.

An underground garage has been at the location for the past four years.

"We think it's the best spot to build in," said Andy Andrews, CEO of Dominion Realty Partners. "Downtown Raleigh's got more to offer than any other spot in the Triangle. We're really exited about doing it."

Craig Davis Properties originally proposed a twin tower development that would house a mix of retail and residential space. But the project has been set to one tower of 11 stories with 225,000 square feet of office space for rent. A restaurant will be located on the first floor.

Dominion Realty Partners is investing more than $50 million in the Charter Square building. Dominion Realty Partners co-developed PNC Plaza in downtown Raleigh.

"The Charter Square building is the culmination of years of redevelopment and was made possible by the City of Raleigh's commitment to City Plaza and the infrastructure of the parking deck," Andrews said. "It will be a little taller than the Marriott Hotel."

"It just adds to the vibrancy," said Raleigh Mayor Nancy McFarlane.

McFarlane said the new office space will be a boost to the Raleigh economy. The burst of building in downtown Raleigh slowed after the recession hit, but Thursday's announcement is a sign that businesses are feeling better about their prospects going forward.

"We've reached a point where we do need some space downtown," McFarlane said.

Developers hope to start construction in November with a completion in the fall of 2014.

Dominion Realty Partners said they have already received commitments from tenants and naming rights to the building is still available. 

For more information on the Charter Square building, visit Dominion Realty Partners on the web.

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