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May. 31, 2013

Concord Eastridge Plans 150-Key Hyatt Place Property on Raleigh’s Centennial Campus

by Adriana Pop, Associate Editor

Concord Eastridge Inc. is planning to develop a Hyatt Place hotel and conference center on North Carolina State University’s Centennial Campus in Raleigh. According to the Triangle Business Journal, construction on the project is expected to begin early next year and be complete by mid-2015.

The building will rise across 10 acres of land on the southern shore of Lake Raleigh. Plans call for 150 guest rooms and between 7,500 and 10,000 square feet of meeting space.

In 2009, the university selected Concord Eastridge as developer, owner and operator of the new hotel and conference center. Initially, the company had proposed the construction of 250 hotel rooms and as much as 30,000 square feet of meeting space. The project has been eventually scaled back as a result of the hospitality industry’s changing dynamics in the region over the past few years.  

Hyatt Place is one of the nine hotel property brands owned by the Hyatt Hotels Corporation. In the Business Travel News’ 2012 Hotel Chain Survey, Hyatt Place was recognized as the country’s top select-service hotel brand. Other such properties in the Triangle are located on Corporate Center Drive in west Raleigh, on Airgate Drive near the Raleigh-Durham International Airport and on Navaho Drive in north Raleigh.

In regional news, life sciences consulting firm Compliance Implementation Services (CIS) has leased 23,000 square feet within Duke Realty Corp.’s Perimeter Two office building at Perimeter Park in Morrisville. Jones Lang LaSalle’s Raleigh-based Tenant Representation group advised the tenant in the negotiations.

Slated for completion in June 2014, the five-story, 205,000-square-foot structure at 3020 Carrington Mill Boulevard will be Duke’s first speculative office project in the region in five years.

The property’s tenant base will also include Fujifilm Medical Systems, a leading provider of medical image and information products and technologies, which will take about 42,456 square feet, as well as MaxPoint Interactive, a digital advertising technology company, which has signed a lease for 32,715 square feet of space.

Photo credits: raleighnorth.place.hyatt.com