Iconic Hillsborough Street restaurant is moving to Stanhope
The old-school, A-frame style restaurant building for the IHOP breakfast chain on Hillsborough Street in Raleigh has been under threat of redevelopment for years, but a deal announced Wednesday will keep the restaurant brand on Hillsborough Street for the foreseeable future.
IHOP has signed a 3,800-square-foot restaurant lease for one of the retail spaces opening up in the new Stanhope student housing complex this summer at 3001 Hillsborough St. The relocated IHOP is expected to open in the spring 2016, according to Kane Realty Corp. of Raleigh, the development firm for Stanhope.
IHOP is the second retailer to commit to the Stanhope project. CVS will also be opening a pharmacy store when Stanhope opens to student residents.
The existing IHOP building at 1313 Hillsborough St. with its distinctive blue roof is about a mile and a half east of Stanhope.
The nearly 50-year-old restaurant building and lot were purchased in 2007 by Charlotte real estate development firm FMW Real Estate with plans to eventually redevelop the site, although development partner Jim Zanoni had not set a time frame for when the building would be torn down.
FMW Real Estate was a development partner in the nearby 927 West Morgan apartment property that opened in 2013, and it is currently developing the 40-unit 1301 Hillsborough St. apartment building that’s next to the IHOP restaurant.