Progress Energy, a Fortune 250 company based inRaleigh, N.C., opted for the Atlanta-based developerto build at least two buildings in successive phaseson property it purchased in December 2000.
While Progress awaits final approval from the city ofRaleigh, the project is moving forward. The firstphase will include an undetermined amount of residential and retail space and 125,000 sf of office stock to beoccupied by Progress. It is expected to break groundlater this year and topped off in 2004. Phase II, comprising 300,000 sf, isscheduled for completion in 2006.
Carter wouldn't disclose the hard construction cost of the office space. But area construction industry estimators tell GlobeSt.com on condition of anonymity the total 425,000 sf of office will probably be built at $150 per sf or a total $64 million.
Carter & Associates will assist Progress Energy inselecting the architect and assume developmentresponsibilities for planning, financing, design,construction and property operations services.
Carter & Associates is no stranger to mixed-use, urbanprojects. Previous engagements include the BellSouthAtlanta Metro Plan, Lindbergh City Center and OneRiverside, all in Atlanta; the Colonnade inBirmingham, AL and the NCNB Plaza in Charlotte.
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