Council members voted 9 to 1 to end talks with the developer.The are placing the land on hold until a 550,000-sf office towerbeing developed by Lincoln Harris across the street iscompleted.
LCOR's bid equates to $4.6 million per acre or $105.74 per sf.Spectrum Properties' competing bid of $12 million equates to $3.64million or $83.47 per sf. Both are lofty land prices in a submarketwhere prime dirt is in short supply, brokers say.
Mayor Pat McCrory has suggested the city tear down the27-year-old building, landscape the area and let it serve as a parkwhile the property is up for sale. Other ideas are utilizing thesite as a public aquarium, athletic facility or a transportationhub.
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