Holiday Inn Moving To Five Points
When Hillsborough Street’s Holiday Inn property was sold to a New York developer earlier this year, the Lassiter Group knew it had to act fast. The Raleigh-based development group quickly raised $27 million and partnered with Preservation North Carolina to purchase the iconic circular structure. Their plan: move the entire building to the center of the Five Points intersection, where it will be converted into a mixed-use project that also functions as a traffic-calming roundabout.
The redevelopment will transform existing hotel rooms into condominiums, with commercial space on the ground and top floors. Finch’s restaurant has signed a letter of intent to occupy the ground floor, while the top will be a bar and dining space shared by Churchill’s and The Point. The Lassiter Group plans to reactivate the spinning top floor of the building, which has remained motionless since The Connells performed a concert there in 1991. “We see this as a win for all parties. A unique feature of Raleigh will be saved and enjoyed by generations to come,” says Myrick Howard, president of Preservation NC.
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