The developers behind downtown Raleigh’s newest complete tower hosted a formal opening for the structure last week after years of planning, design, and construction.
The Fallon Company celebrated the grand inauguration of 301 Hillsborough, a 19-story mixed-use office building, on Friday.
The project includes 280,000 square feet of Class A office space, 12,000 square feet of ground-level retail, and structured parking.
Pendo, a Raleigh tech startup, has leased the building’s top five levels, while Nelson Mullins, a law firm, has recently announced its lease of the 14th floor.
In a statement, Fallon Company CEO Michael Fallon said, “The opening of 301 Hillsborough at Raleigh Crossing represents an important milestone for placemaking in the heart of Raleigh, and we’re grateful for continued collaboration with the city, the community, and our many partners who have contributed to the delivery of this premier office tower.” “Today’s celebration showcased the vitality of Raleigh’s downtown districts, and we look forward to Raleigh Crossing’s continuing development as a signature destination for everyone involved in the city.”
The company is currently in the design phase for the second tower planned at the site, according to Chairman Joe Fallon. A 20-story multifamily tower is the most recent plan for that phase.
“The Fallon Company has enhanced urban communities for more than 25 years by providing unique projects that invigorate neighborhoods with live-work-play spaces, and we’re happy to continue that history with the opening of 301 Hillsborough,” he added. “Our cutting-edge new office tower adds to Raleigh’s skyline and is meant to attract top businesses and talent to help fuel the City of Oaks’ continuing expansion.”
According to Joe Fallon, the company is still looking at potential projects in the Triangle.
A number of Raleigh business leaders and city officials also attended the event.
In a statement, Mayor Mary-Ann Baldwin said, “Downtown Raleigh continues to expand into a dynamic, lively neighborhood that reflects the city’s unique and diverse community.” “The Fallon Company has provided a next-generation commercial landmark to the flourishing downtown areas, drawing leading local and national businesses that will favorably influence the Triangle Region by generating jobs and economic development.”
Bandaloop, a dance ensemble that performed choreographed dances while hung on the edge of the tower, brought the event to a close on Friday.
The opening of 301 Hillsborough comes amid a surge of investor interest in Raleigh.
Just across the street, Tidal Real Estate Partners, a New York-based developer, recently purchased the Holiday Inn Downtown Raleigh and filed site designs for a 20-story mixed-use tower.
To the west of the Raleigh Crossing site, a joint venture between Raleigh-based Loden Properties and Chicago-based Northpond Partners teamed up with Raleigh real estate investor David Meeker to purchase the properties at 401 Hillsborough and 17 S. West streets last year, with plans to rezone the properties to allow for a 40-story development.
Another neighboring project is the 400H, which is now under construction. Plans propose for a mixed-use development with 20 floors, 150,000 square feet of Class A office space, 242 luxury residential units, and 16,000 square feet of ground-floor retail space.