Soleil Stalls
One of the area’s highest-profile planned projects has stalled due to American’s current lending woes, according to the News & Observer . The 43-story Soleil Center is planned to be Raleigh’s second-tallest building, and would include 54 condos sitting atop a 290-room Westin hotel. The project site was prepared in 2006 by imploding the Sheraton hotel that previously sat on the site. Since that public event, though, the only work that has happened has been somewhat generic site development for whatever project follows.
According to the article the developers estimate that it will take at least 3 months to secure new financing. This is bad news for the area’s woefully substandard hotel market. Surely Starwood Hotels, the parent company for the Westin chain, is not happy about having to wait longer for a presence near Crabtree Valley Mall, one of the South’s top shopping centers.
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