Plans call for new hotel on Hillsborough Street near N.C. State
Add Axios as your preferred source to
see more of our stories on Google.
Screenshot: Google Street View
The owners of a parking lot near N.C. State University on Hillsborough Street are in the early stages of submitting plans for a seven-story Graduate Hotel.
Why it matters: The parking lot at 1912 Hillsborough St. — a site adjacent to the popular Players Retreat bar — has long been eyed for development.
- In 2018, the owners of the lot had plans to build a condo building with 35 units there, but the plans never moved forward.
Driving the news: The property's owners, Raleigh-based real estate investors Mark Andrews and Michael Sandman, submitted plans on Aug. 14 to the city under a sketch plan review — an application that allows applicants to review site rules before a full plan submission.
- The plans call for a Graduate Hotel with 49 structured parking spaces.
- Graduate Hotels, a Hilton-owned brand that operates more than 30 hotels near college campuses around the country, has not responded to a request for comment. The Triangle Business Journal first reported on the submitted plans.
What they're saying: But Sandman, who was an investor in the nearby Aloft Hotel on Hillsborough, told Axios the goal is to build a Graduate Hotel on the site, with a design inspired by N.C. State.
- Sandman and Andrews are partnering with Summit Hospitality and the Bernstein Cos. on the project, according to Sandman.
- "Mark and I purchased the property 10+ years ago and have considered other options through the years but have always come back to entertainment and hospitality," Sandman said in an email. "... We're very excited about the partnership and the project. It's an important location that deserves special attention and an A+ project."
Zoom out: This won't be the first Graduate Hotel in the Triangle.
- In 2020, the brand opened a hotel in Chapel Hill on West Franklin Street, after renovating the former Franklin Hotel.