by William Needham Finley IV™

Development Beat: Iron Works Coming to Atlantic, New Condos Near Dix Park

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Week of October 9, 2017

Raleigh Iron Works mixed-use development coming to Atlantic Avenue

Condos near Dix Park announced

Vietnamese restaurant coming to Glenwood South

Luxury apartment complex on Hillsborough Street to hold grand opening

Raleigh Iron Works Coming to Atlantic Avenue

Now the time is here, for Iron Works to spread some cheer. The latest endeavor from Grubb Ventures on Atlantic Avenue will be a sprawling, 510,000 square-foot mixed-use development named Raleigh Iron Works, according to recently filed site plans.

Iron Works will redevelop the two existing industrial buildings, originally built in 1957, into office, retail, and restaurant space. Specifically, 177,779 square feet for office, 22,314 for retail, and 20,064 for restaurants.

A new six-story mixed-use apartment building with ground floor retail around a parking deck will also be added to the property located at 2200 Atlantic Avenue. The 204 residential units totaling 148,215 SF will be made up of 82 studio units, 84 one-bedroom units, and 38 two-bedroom units. The developers are proposing 673 parking spaces and 79 bike parking spaces at the development, which seems like a lot.

Grubb recently acquired an adjacent parcel of land at 2315 Atlantic, which we reported on two weeks ago, although that land does not appear to be a part of Raleigh Iron Works — Phase I.


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Condos Near Dix Park Announced

The Fairweather, a new luxury condo development boasting spectacular views and close proximity to Dix Park was announced last week. The development will stretch along West Lenoir Street between South West and South Harrington.

Although the formal announcement of The Fairweather was made last week, site plans for the development were actually filed last year. The plans line up closely with what was announced last week: a five-story building with about 45 units (47 in the plans, “about 45” in the announcement) that will offer structured parking and street-level commercial space.

The Fairweather’s units will range in size from 838 to 2,645 square feet, with one, two, and three-bedroom units on the first four floors and penthouse suites on the fifth. Those penthouse units, offering a panoramic view of downtown Raleigh, will reportedly be priced between $700,000 and a $1 million.

In order to make way for the new condo development, several existing structures will need to be torn down. These include the old Motor Parts Warehouse, built in 1960 at 522 S. Harrington, and a pair of unoccupied single-family homes built in 1930 at 517 and 523 S. West.

Construction is expected to begin early next year with plans to open in early 2019. The site plan filed last year is currently listed as “under review” and will require approval before any permits are issued.

Grand Opening, in Theory

A grand opening celebration for a luxury student housing complex that opens in the fall of 2018 is scheduled to take place later this week. Theory Raleigh, the high-end, fully-furnished (all units come with a 50″ Smart TV) student apartment building will be located at 1505 Hillsborough Street, on the former site of the beloved Velvet Cloak Inn. Our very own William N. Finely IV did some great reporting on the tragic teardown of the old hotel, which you can revisit here. He’s still working on a podcast and award-winning documentary about it too.

The grand opening celebration on October 12 will, shockingly, not be held on an active construction site, but rather, at a temporary leasing office down the street at 2010 Hillsborough. The event will run from 11:00 am – 6:00 pm, and offer attendees free food, music, giveaways and “early-bird” rates for the condos.

The preleasing office also houses a model home, allowing potential tenants a glimpse into a luxurious future. In addition to the 50″ TVs, the units will also come with queen-sized memory foam mattresses, full-size appliances, 1 Gig internet, walk-in closets, a washer/dryer, a resort-style pool, and a game room with a golf simulator. RIP University Towers.

You won't want to miss out. #TheoryRaleigh is where you'll want to be!

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Goodnight, Glenwood: Saigon Grill & Bar Coming to Glenwood South

The new Vietnamese restaurant Saigon Grill & Bar will open soon on Glenwood South in the former home of whatever was there before it. We really can’t keep track of what’s been there at this point. Was it Indio? No one cares.

Saigon will be run by John Tang, the owner of Sushi O, which also operates out of a ground-floor space in 222. Although we don’t know when this new Vietnamese restaurant will open, Tang posted on Facebook back in August that he was looking for employees for his new spot, which makes us think it should be opening pretty soon.

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