RALEIGH, N.C. -- Plans are now in place for a new high-rise complex in downtown Raleigh. The latest development involves the space where the old News and Observer building stands.

• The mixed-use development will include retail space and more
• The building has been there since 1956
• Developers plan to break ground on the new project before the end of this year

"A million and a half total feet, including residential, hotel, offices," President of East West Partners Roger Perry said, Friday. "And we're really excited about it."

Newspaper staff worked at the site on South McDowell Street for more than 100 years and the building has been there since 1956. Perry says the new mixed-use development will include retail space, as well. Named "The Nexus", it will include four new high-rises on the three-acre site, each standing about 20 stories tall.

"This location is extraordinary, right between Fayetteville Street and The Dillon and the Warehouse District," Perry said. "It's really kind of the 100 percent location in Downtown Raleigh and we feel awfully fortunate to be a part of it."

People who live and work downtown say these projects are important. Many say they're happy to see Raleigh experience this kind of rapid growth, but some hope these projects don't force out others who have lived in the area their entire lives.

"You'd hope they'd keep it livable," said attorney Will Webb who works downtown. "We got a housing problem that needs addressing. So as much as developers get to decide what goes on, because they control it, because they have the money, I would like to see some affordable housing, and some retail space that's affordable for local vendors to be able to get into."

Web says the city needs to find a way to balance projects like this with housing and traffic projects.

"And it's something nobody wants to deal with, but it's gotta get done if we're going to have a world class city," Webb said.

Developers plan to break ground on the new project before the end of this year. Plans call for the first phase to be finished before the end of 2021, and for the entire project to be built by mid-2022.