GREENSBORO, N.C. – Businessman Roy Carroll announced that plans are underway to construct the largest skyscraper in the state outside of Charlotte.
Two weeks ago, Carroll Companies purchased the property from Guilford County for $1.5 million dollars.
"We love this site because we're sandwiched right in between the ball park which is across the street and the performing arts center which is two blocks up the street so this is a very pedestrian friendly community,” Carroll said.
Project 561 does not have a timeline. Carroll explained that he is looking at the skyscraper as a mega site for the area; you have to have the site ready to attract business.
The skyscraper is projected to feature office space, a boutique hotel and possible retail.
"Our challenge I say is finding the initial key tenant and we need a tenant that would be willing to pay above market rent. This is a very expensive project it's an $80 to a $100 million development, but we're not going to go out there on a 400,000 square foot office building until we have that first key tenant which would be 200,000 square foot user," Carroll said.
Meanwhile, Carroll at Bellemeade, formally “Bellemeade Village” is in the early stages of development installing the garage area of the hotel and apartments.
Carroll said that the apartments will be upscale 300 units (one to two bedrooms), 9 feet tall ceilings and high end urban finishes.
Carroll admitted his family gave him some grief for including his name in the project; however he decided to change the name because he’s proud of the project.
The hotel/apartment site, worth $60 million dollars, is expected to be completed within 18 months.