The 42-story Soleil Center would have been the tallest building in Raleigh if it had been built.

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Amanda Jones Hoyle
Staff Writer- Triangle Business Journal

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A private equity group that bailed out the troubled Soleil Center site near Crabtree Valley Mall when it went into foreclosure in 2011 is putting the land back on the market for sale.

The asking price for the 4.9-acre site: $7.5 million.

Rialto Capital of Miami had paid $4.2 million for the land at a foreclosure auction, and the investors are banking on the land having increased in value during the economic recovery.

The former hotel property had originally sold for $5.7 million in 2003 to a group of local developers led by real estate and hotel investors Sanjay Mundra and Dicky Walia, who were proposing a plan to build a 42-story glass tower that would have a luxury Westin-brand hotel along with 54 condominium units on the upper levels.

At 480 feet tall, the Soleil Center would have become the tallest building in Raleigh.

The site already has much of the foundation work completed to support the 42-story building. However, all construction work – and all hopes for the building – halted in fall 2008 when the developers’ financing options ran dry near the start of the economic downtown.

The property is located at the southwest corner of the intersection of Glenwood Avenue and Creedmoor Road, across the street from Crabtree Valley Mall, and an area that has traffic counts of 50,000 vehicles per day one side and another 20,000 vehicles per day on the other, according to the property’s sales flyer.

Rialto Capital is being represented by Justin Good and Karl Hudson IV of Cushman Wakefield/Thalhimer in Raleigh for the marketing and sale of the Soleil Center land.

Amanda Jones Hoyle covers commercial and residential real estate. Follow her on Twitter @TBJrealestate