— Raleigh’s once-luxurious Velvet Cloak Inn will soon be no more.

Demolition permits were issued last week to Summit Contracting.

The Velvet Cloak Inn, developed by York Properties in the early 1960s, was one of the first Raleigh hotels to be built outside of the downtown core, and for years was the premier destination for visiting politicians, celebrities and other assorted dignitaries.

Once the existing, 1963-ea structures are torn down Peak Campus will be able to begin its work on the new, tentatively-titled Hillsborough Street Apartments.

The new 271,215 square-foot complex would house 150 units: 82 four-bedrooms, 30 three-bedrooms, 33 two-bedrooms and five one-bedrooms. Site plans filed in April also revealed a 300-car parking deck.

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