Greensboro, Winston-Salem, High PointThe Triad Area
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True. A lot can happen like a national recession. This is interesting development. You mentioned Roy Carroll and it is similar. This proposal is like Roy Carroll's projects on steroids. When you look at downtown development over the past 20 years, the size and scope of projects have gradually increased over time. We've gone from 3-story developments to 5-story developments and now 10-story projects are now becoming common. So when I hear people say Greensboro must learn to walk before it it can run, I tell them that Greensboro has crawled, walked, jogged and now its time for this city to start running. We are at a point where the larger projects that weren't feasible back in 2003 are now feasible particularly with all the recent jobs announcemens in the area over the past few years.. and there is a direct correlation between positive job growth trends and development. Even less than 10 years ago when Roy Carroll talked about his 400,000 Sq ft office tower Project 561, most were saying he would never fill 400,000 square feet of office space in the downtown Greensboro market and here we are today with a developer planning a total of 500,000 Sq ft and has enough potential tenants to fill most of that office space. Greensboro is not there yet but there is a lot of evidence Greensboro is finally turning the corner.
I was reading a quote Nancy Vaughan made about the biotech company that's bringing 300 jobs here. She said just a few years ago we would've had a parade in the street for an announcement like that but its coming on the heels of so much good news that it doesn't seem so extraordinary. I can't help but think this project is in the same vein. The city is definitely on an upward trajectory and I think national developers taking note and being willing to invest big bucks is a sign of that.
I was reading a quote Nancy Vaughan made about the biotech company that's bringing 300 jobs here. She said just a few years ago we would've had a parade in the street for an announcement like that but its coming on the heels of so much good news that it doesn't seem so extraordinary. I can't help but think this project is in the same vein. The city is definitely on an upward trajectory and I think national developers taking note and being willing to invest big bucks is a sign of that.
Greensboro and the Triad as a whole are currently in the birth stages of becoming a hot market. Nestled in between Charlotte and the Triangle it was only a matter of time, the link that connects all three metros. The things you see happening downtown today and what will happen are a reflection of what is happening in the local economy.
Hate that, TS was a huge part of downtown for 20 years.
The business model for these small theaters aren't working anymore. Its not just Greensboro, its a national trend. But in addition the Tanger Center has also hurt Triad Stage. It was difficult for both to coexist downtown. I have no doubt it will be replaced with something else that will have a big impact on downtown. It has a performing space set up with seating so it could be converted into a number of things such a comedy club.
More on the Ryan Companies developments in Greensboro including its downtown plans for two 10 story office towers. The Ryan Companies said they'd also like to purchase the additional 3 acres next to the News and Record site which sits across the street across from the depot. Hughes Street divides the two properties. In addition a fifth tenant is now interested in office space which could mean the office space could potentially grow larger if more tenants get on board. There are clues as to what type of office users could use the space and the business journal mentioned the areas universities and Cone Health. The Ryan Companies responded that those are the kind of users we are looking for.
More on the Ryan Companies developments in Greensboro including its downtown plans for two 10 story office towers. The Ryan Companies said they'd also like to purchase the additional 3 acres next to the News and Record site which sits across the street across from the depot. Hughes Street divides the two properties. In addition a fifth tenant is now interested in office space which could mean the office space could potentially grow larger if more tenants get on board. There are clues as to what type of office users could use the space and the business journal mentioned the areas universities and Cone Health. The Ryan Companies responded that those are the kind of users we are looking for.
Good news for sure, and a great overview Gsoboi - with one small point that should be clarified. They mentioned that some of the space will be dedicated to health care - but there was no mention of Cone Health specifically. I think this is an important distinction considering the very apparent desire that both Novant and Atrium (as well as Oak Street and One Medical) have to further expand in the Greensboro market. This will be very interesting to watch. I also appreciate that Roy Carroll commented that a major developer like Ryan can actually pull this off. All signs are looking good!
Good news for sure, and a great overview Gsoboi - with one small point that should be clarified. They mentioned that some of the space will be dedicated to health care - but there was no mention of Cone Health specifically. I think this is an important distinction considering the very apparent desire that both Novant and Atrium (as well as Oak Street and One Medical) have to further expand in the Greensboro market. This will be very interesting to watch. I also appreciate that Roy Carroll commented that a major developer like Ryan can actually pull this off. All signs are looking good!
I would actually prefer Novant or Atrium over Cone Health. It brings competition to our city which helps drive down healthcare costs. It would also mean a "new" identity for the development and in a big way. Ryan Companies hopes to break ground in Q3 or Q4 of 2024. While I don't think things will happen quite that fast, they do provide some sort of a timetable which is a lot sooner than I anticipated. Its clear that much of the office will likely be geared towards healthcare and possibly educational. Maybe even a downtown ER or urgent center. But what will be interesting is the kind of attractions will be included. Ryan Companies stated this development will be a place where people live, work and play. I can't wait to see renderings. As long as the environmental state of the property looks good, I do think this proposal has a more than better chance of happening. These developers know their stuff and they bring experience and deep pockets.
I happened to be in Minneapolis yesterday and took a walk around the Vikings stadium. I looked at the Ryan Companies development there and tried to imagine a smaller scale version of that in Greensboro. I'm optimistic about what they could do for our area. A nice walkable, mixed use area like that is exactly what we need.
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