City leaders may stop Raleigh's LaFayette

August 4, 2008 12:12:39 PM PDT
Raleigh city leaders may pull the plug on a proposed Downtown Raleigh tower Tuesday. The LaFayette was supposed to be a 20-story tower with hotel and residential units built across the street from the new convention center. But the developer hasn't been able to secure financing.

In July, the Raleigh City Council gave the developer, Greg Hatem, an extension on the condition he help pay for road improvements in the area.

According to city documents, Hatem has refused to agree to that.

The city manager is recommending the city end its agreement for the LaFayette immediately and ask for new bids on the land.


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