by William Needham Finley IV™

Development Beat: Apartments Planned Next to Broughton

in Development/ITBNN by

Brought to you by Rufty-Peedin Design Builders.


Week of August 21, 2017

Apartments planned next to Broughton

Mecca is back from vacation

ITB home of the week from Cornerstone Properties

Gregg Museum to open at NC State

Pullen Arts Center expansion plans

WeWork coming to Raleigh

55-Unit Apartment Complex Planned for St. Mary’s Street

The Ligon Building at 800 St. Mary’s Street may soon be replaced. Situated across the street from Broughton High School, the 63-year-old, four-story, 25,000 square-foot office building could soon be torn down to make way for a four-story, 55-unit apartment building.

Plans filed last week by a subsidiary of the Selwyn Property Group, a Charlotte-based developer, detail a new 123,807 SF multifamily complex comprised of 16 one-bedroom and 39 two-bedroom units. Selwyn purchased the property, their first office acquisition in the Triangle, in March of 2015 for just over $2 million.

City code requires that a new residential complex of this size provide 106 parking spaces. As a result, this development will include two levels of covered parking. The site plan also includes 8,081 square feet of outdoor amenity space. While the square footage of the new building will nearly sextuple in size from the Ligon, the amount of impervious surface will actually see a slight decrease. We’ll keep you posted on this, as I’m sure William Needham Finley IV is having a panic attack over Charlotte developers building so close to Broughton.


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Mecca Reopens After Summer Hiatus

Raleigh residents can breathe a sigh of relief. The Mecca Restaurant, one of downtown Raleigh’s oldest restaurants, has reopened after a summer break.

.94 acre ITB Kingdom for sale

A fantastic house just hit the market off of Ridge Road. Listed at $678,000 (or roughly 97,000 12-packs of LaCroix), this remodeled home is located at 2904 Chipmunk Lane. Here’s your chance to own a Wake Forest sized lot and still be able to walk your kids to Lacy and Martin, before buying them a late 2010s model SUV that they’ll drive to Broughton in 2026.

ITB: Check
Remodeled: Check
Cul de sac: Check
Enormous private lot: Check (0.94 acres)
ITB Schools: Check

This 3,440 square foot home has something for everyone. Four bedrooms, including a first floor master, a huge finished basement that’s perfect for hosting breakfasts after Queen of Hearts, a detached carport for keeping your luxury SUV or sedan protected from the elements, and a workshop for dads who know how to use tools or for those who pretend to so they can hide from their family when things get too overwhelming.

You can check out the listing here. Contact Dale Moody (919-607-4606) at Cornerstone Properties for more info. Tell him we sent you and he’ll throw in a free YETI cooler for every room, or something. (While supplies last.)

Gregg Museum to open at NC State

Built in 1927, NC State’s historic Chancellor’s Residence on Hillsborough Street will soon reopen as the new home of the Gregg Museum of Art & Design. The existing 7,950 square-foot Georgian mansion is complemented by a new 15,000 square foot addition designed by Perkins & Will. The new museum features indoor and outdoor spaces that will host everything from film screenings to festivals, a pedestrian walkway leading to the Pullen Arts Center, and much more.

The grand opening is scheduled for August 26, where festivities will kick off with a 10 a.m. ribbon-cutting. Not surprisingly, William N. Finley IV was invited to attend a sneak preview of the new facility last week. “I don’t know much about art, but they did a great job with the space. 5 out of 5 beltlines,” commented Finley IV.

Pullen Arts Center Moves Forward With Expansion Plans

The Pullen Arts Center is about to get a whole lot bigger. Site plans have provided further details on a $6 million expansion of the center located on the northern side of Pullen Park. Originally built in the 1960s, the center offers programs allowing visitors to learn pottery, printmaking, glasswork and more.

The new expansion will provide an additional 7,510 square feet of space to the existing 14,000 square foot center. The impervious surface area will increase as well, from 78,200 SF to 89,500 SF, due in part to site improvements associated with the project, including a reconfiguration of and addition to the parking lot and a drivable plaza.

The two-story addition will serve to “accommodate the growth and popularity of arts education at Pullen Arts Center with new technology and equipment.” The Pullen Arts Center will close for 12 months beginning in November, when construction is set to commence.

Alumni Hall Opens at Cameron Village

Alumni Hall, a college sports apparel store in the space once occupied by Pendleton Woolen Mills at Cameron Village, held its grand opening last week. They offered gift cards and refreshments to shoppers in the market for the “best brands, selection and deals on NC State clothing & merchandise.” We first reported on this new location back in March.

WeWork Expands Into Downtown Raleigh

Co-working giant WeWork has announced plans to move into Raleigh’s yet-unfinished One Glenwood Building at the intersection of Glenwood and Hillsborough.

One Glenwood, a 10-story, 212,000 SF Class-A office building, is currently under construction and scheduled to open in the fourth quarter of 2018. WeWork offers a wide array of amenities to its tenants at all locations, and we imagine the spaces at One Glenwood will include such things as micro-roasted coffee, fruit water, “phone booth” spaces that serve as “comfortable sanctuaries for conducting private calls and video chats,” and much more.

Sheetz Opens Shop on Glenwood

Less than six months after the demolition of an old recycling center at 8101 Glenwood Avenue, Raleigh’s newest Sheetz store has opened its doors on the land, with a grand opening celebration held last week. The 6,407 square-foot convenience store was built out by prominent local contractors Holt Brothers Construction for a permitted cost just shy of a $1 million.

Apartment Construction Hits 20-Year High

As the new apartments at 800 St. Mary’s marks the approximately 700th new multifamily project we’ve covered this year, it came as little surprise that 2017 marked a 20-year high in new apartment construction. Across the United States, a total of 345,000 new units are expected to be added by year’s end. In a city-by-city ranking, Charlotte beat out Raleigh this year, with a total of 6,500 new units expected, vs. our 2,400 new units.

According to a new study from our friends over at RentCafe, the apartment market faced a slow post-recession period and began rebounding in 2012. By 2014, new supply had amounted to more than 237,000 units delivered in one year, well above historical averages. Between 1997 and 2006, annual completions averaged 212,740 units.

However, even 2017’s delivery numbers may still not be enough to keep up with growing demand. Data from the National Multifamily Housing Council predicts that we’ll need about 4.6 million apartments by 2030, which averages out to 373,000 per year.

 

 

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