NC State has selected a local real estate development team to develop a mixed-use project that includes an upscale hotel on university-owned land across from the Belltower.
The university chose a proposal submitted by Bell View Partners and the Bernstein Companies from among four submitted. The proposed project features a 125-room premium hotel for university and Raleigh visitors, complemented by street-level retail shops and a signature restaurant. The real estate team will develop and manage the hotel property.
The new hotel will be located on Hillsborough Street between Enterprise Street and Maiden Lane on a 1.3-acre site that belongs to the University Endowment Fund.
The project will encompass the Hillsborough Square parking lot next to David’s Dumplings and Players Retreat, as well as the location of a well-known Darryl’s restaurant that closed in 2003.
“This is a big step forward in the continuing effort to make Hillsborough Street a destination for the greater community,” said Ralph Recchie, NC State’s director of real estate.
Last year, the City of Raleigh completed a $10 million revitalization project that added street parking and roundabouts for better traffic flow on Hillsborough.