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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 09-16-2008, 06:30 AM
 
21 posts, read 47,160 times
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The Waverly Place redevelopment is now on hold due to the credit crisis. I wonder how many more projects around the Triangle will be put on hold or cancelled. I see many other areas that looked like there was going to be development, but now just sit there with orange fencing, but no work....such as the massive development at 540/55. How are developers going to finish these projects in the current market? Will they?

newsobserver.com | Crescent scraps plans for Waverly Place headquarters (http://www.newsobserver.com/business/story/1219361.html - broken link)
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Old 09-16-2008, 07:35 AM
 
Location: Wake Forest
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I think one only has to drive around and see the empty Retail Space scattered around the triangle to see why further development is at risk. Some store fronts such as in the Plaza across from Triangle Town Center have been empty almost a year now. IMO prospects don't look good for future tenants either. IMO its not the locations its just the state of the local economy and how Retail over built.

Another example is Caveness Shopping Center. Its still a leveled lot and has been for sale for over a year now. Just north on Capital Blvd they are building a couple of more shopping centers that have either started to be built or will be soon. That puts more pressure on selling the Caveness Shopping Center.

I still think we are in better position than other areas around the country and can sustain our growth from those coming in from the other parts of the country being hurt by the financial crisis looking for a better place to live.

North East - Taxes and Energy cost. (Wall Street hit a Wall)
Mid West - Car company down sizing, major ripple affect.
South West - Plummeting home prices. (Florida too)

So we will be the recipient of those looking for a better tomorrow IMO!
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Old 09-16-2008, 07:48 AM
 
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Originally Posted by dansdrive View Post

So we will be the recipient of those looking for a better tomorrow IMO!
This is a good thing only if the people coming here are coming with jobs in hand in demanding fields or are enterprising enough to start up a business here. People who come here expecting the Triangle to give them a job and solve all their problems are not doing anyone a favor here, much less themselves.
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Old 09-16-2008, 07:52 AM
 
Location: Raleigh, NC
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I believe two businesses at a minimum in North Hills went under. A restaurant called South (?) and a furniture business called Porto (?). Looks like someone is going to open up in place of Porto but there appears to be no suitor for the restaurant.

The credit crunch is slowly leaking into the triangle, as transplant money and construction money was essentially funding much of its retail and real estate operation. With the former goes the latter, and down we go into the rabbit hole.

The theory is that the triangle will be one of the last regions to come out of this trap since it was late to the party. Will this happen? Turn the page to find out.
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Old 09-16-2008, 07:59 AM
 
9,848 posts, read 30,323,717 times
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Originally Posted by ViewFromThePeak View Post
The theory is that the triangle will be one of the last regions to come out of this trap since it was late to the party.
I don't know what will happen one way or the other, but I am curious about the origin of this "Theory". Is based on some peer reviewed economic study of the Triangle area or is just a back of the envelope "guesstimate" to serve as fodder for city-data discussion?
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Old 09-16-2008, 08:01 AM
 
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Originally Posted by ViewFromThePeak View Post

The theory is that the triangle will be one of the last regions to come out of this trap since it was late to the party. Will this happen? Turn the page to find out.
That all depends on whether we can still attract the rich malcontents, wherever they may come from in the future....and on whether said malcontents change their outlook on life. If the Triangle eventually evolves into an extension of NY/NJ or South Florida with all their problems (taxes, traffic, rude people, etc - N.B. those are the malcontents' characterizations, not mine), then it might just be Kentucky that's the next hot spot. We'll stay in the rabbit hole.
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Old 09-16-2008, 08:04 AM
 
Location: Wake Forest
2,835 posts, read 7,351,966 times
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Quote:
Originally Posted by StoneOne View Post
This is a good thing only if the people coming here are coming with jobs in hand in demanding fields or are enterprising enough to start up a business here. People who come here expecting the Triangle to give them a job and solve all their problems are not doing anyone a favor here, much less themselves.
I agree with the fact the ones that come with job in hand fair better here but I disagree the ones coming are looking for the area to solve their problems. Most come and look for a job and land one eventually and buy products and services and buy/rent places to live. ALL contributing to the growth of the area.
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Old 09-16-2008, 08:07 AM
 
1,955 posts, read 5,273,451 times
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Originally Posted by dansdrive View Post
I agree with the fact the ones that come with job in hand fair better here but I disagree the ones coming are looking for the area to solve their problems. Most come and look for a job and land one eventually and buy products and services and buy/rent places to live. ALL contributing to the growth of the area.
There's definitely an equilibrium, though. There has to be a point at which more inflow is detrimental if the jobs base can't support it. If people bring in capital and start businesses, that's always a good thing, but there's a point at which too many extra people make finding a job difficult - for everyone. I have no idea whether we've reached that point or not. Some people, Moderator cut: off topic , would say we have.
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Old 09-16-2008, 08:37 AM
 
Location: Downtown Raleigh, NC
2,086 posts, read 7,653,327 times
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Quote:
Originally Posted by ViewFromThePeak View Post
I believe two businesses at a minimum in North Hills went under. A restaurant called South (?) and a furniture business called Porto (?). Looks like someone is going to open up in place of Porto but there appears to be no suitor for the restaurant.
Actually, South will be reopened as French Brasserie according to the Triangle Business Journal.

To me, the current economic conditions are simply balancing out some very unsustainable moves over the past 6-7 years in our national economy. It's all about balance, and I think that is what we see happening. Unfortunately, part of being in balance is that you have to take the bad with the good, and sometimes the bad is a bit more painful than we'd like. But in the end, balance is going to be a lot better than having false "good times".

I don't think all development is stopping in the Triangle, but rather it has slowed to a sustainable level under current economic conditions.
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Old 09-16-2008, 09:08 AM
 
Location: Wake Forest
2,835 posts, read 7,351,966 times
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Quote:
Originally Posted by StoneOne View Post
There's definitely an equilibrium, though. There has to be a point at which more inflow is detrimental if the jobs base can't support it. If people bring in capital and start businesses, that's always a good thing, but there's a point at which too many extra people make finding a job difficult - for everyone. I have no idea whether we've reached that point or not. Some people, [MOD] off topic [/MOD] , would say we have.
You are correct, to many to quickly can cause short term issues. We all seen this happen last Friday the the gas station. To many filler uppers coming in to quickly equaled gas out situations!
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