Duke Begins Construction on Raleigh Office Tower

Duke Realty Corp. is heading for a first quarter 2009 completion on a 17-story, mixed-use office tower that it is developing jointly with Kane Realty Corp. in Raleigh, N.C. The building, to be known as CAPTRUST Tower at North Hills, will offer 274,000 sq ft of Class-A office space, as well as 28,400 sq ft of retail space.

Both N.C., S.C. Off to Slow Starts in ‘08

Compared to the same period of a year ago, the value of new contracts signed in January for future construction fell by 26% in North Carolina and by 30% in South Carolina, according to the latest information from McGraw-Hill Construction, publisher of Southeast Construction. Those figures came on the heels of respective 28% and 19% declines in December.

In North Carolina, the value of new starts totaled nearly $1.5 billion for the month of January. The residential sector fell by 33% for a monthly total of about $869.7 million. The value of new nonresidential contracts dropped 34%, for a total of about $341.6 million. The value of nonbuilding starts as it did in December improved by 34% compared to last January to total approximately $282.2 million.

In South Carolina, December contracts fell by 30%, compared to the same period of a year ago, for a $670.7 million total. The nonresidential sector decreased by 31% from the previous January for a $188.5 million total. Residential fell 40% for a $366.2 million total. The value of nonbuilding starts jumped by 55%, however, to total $116 million.

$11M Senior-Living Facility Under Construction in Cary, N.C.

Ocala, Fla.-based Edwards Construction Services is targeting a December completion for its $11 million, 61,956-sq-ft Sunrise Senior Living Facility in Cary, North Carolina.

The project was designed by BeeryRio Architecture + Interiors of Springfield, Va.

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