American Asset Greenly for Major Office Conversion

American Asset Corporation has received approval from the Raleigh City Council to proceed with a redevelopment project that will feature apartments, residential units, and hotel rooms. The Triangle Business Journal reports that American Asset is converting 1.5 million square feet of office space, as the company believes there is not enough demand.

The rezoning allows for 360 residential units, a 250-room hotel, up to 186,720 square feet of non-residential space and up to 50,000 square feet of retail and/or industrial space.

The developer said the amendment would add 186 hotel rooms to its current entitlements. One of the conditions is that no office uses are permitted.

American Asset is the owner of the nearby Brier Creek Commons (shown). Brier Creek is an 800,000-square-foot open-air shopping center that combines retail, entertainment, and restaurants. Tenants include BJ’s, Dick’s Sporting Goods, HomeGoods, Michael’s, ROSS Dress For Less, TJ Maxx and Target.

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