Replacing Central YMCA in Raleigh will costs $10M to $12M.
By Todd Cohen
RALEIGH, N.C. [04.05.04] — Razing the Central YMCA on Hillsborough Street in Raleigh and replacing it with a new facility will cost $10 million to $12 million and require a capital campaign to raise at least three-fourths of the total.
That campaign, which began its silent phase in January and expects to kick off its public phase in October, also could include funds to meet other priority needs of the YMCA of the Triangle, says Doug McMillan, CEO.
“It will be the largest campaign we’ve ever undertaken,” he says.
While it is unusual to talk publicly about a capital campaign before enlisting volunteer leaders and securing initial commitments from donors, the Y opted to disclose some details because it wanted to give adequate notice of its plan to the 92 men living at the 45-year-old Central Y who will be forced to find new quarters, McMillan says.
The Y, which hopes by October to have secured three-fourths of the private dollars it wants to raise, will replace the Central Y’s 90,000-square-foot facility with a 60,000-square-foot facility.
The new facility will have no residential beds but rather will focus on children, families, health, recreation, education and values
The Y also plans to move its administrative offices, now at the Central Y, but has not picked a new location.
Depending on fundraising, construction would begin in the first quarter of 2005 and be completed in two phases of 18 months and six months.
The Y, which expects to fund the remaining construction costs with revenue from operating and program fees, has hired architect Don Etheridge, president of Quick-Associates, and Clancy & Theys Construction Co., both in Raleigh.