Eyesore? Development opportunity? Buyers interested in transforming big, vacant Raleigh hotel

RALEIGH (WTVD) -- You see it on Capital Boulevard driving into downtown Raleigh.

Broken windows, boarded up doors and crushed concrete are current features of the Capital Plaza Hotel, which is currently surrounded by a chain link fence.

The hotel has been empty for more than 15 years, and many people now just see it as an eyesore.

With all the recent development in the Raleigh area, you would think that a dilapidated building and property would be gobbled up. However, the owners, CB Hotel LLC, have not sold Capital Plaza Hotel and are currently delinquent on this year's tax payment, according to Wake County property tax records.

The commercial real estate company handling the sale of the property (Pickett and Sprouse) told ABC11 that the owner was required to remove all asbestos from the building in hopes of reopening it within environmental regulations. But that hotel project ultimately fell through.

However, there is still hope on the horizon for the property, as there has been some interest from buyers to transform it into a mixed-use development that's five stories high with shops and residences. In the end, one person's eyesore could be another person's gold mine.

Do you have any other "Eyesores of the Triangle" you would like to share? If so, let us know.
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