by William Needham Finley IV™

Development Beat: Progress on The Wade, Taproom in the Works for Brewery Bhavana

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Week of December 11, 2017

Progress on The Wade

Brewery Bhavana plans new taproom

Weaver Street Market coming to The Dillon

Office Space: The Dillon

Apple store in Crabtree expands

New York developer has plans for Raleigh’s Warehouse District


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The Wade Comes to Life

The nicest condo project inside the beltline has broken ground. Construction on The Wade, brought to you by our fine sponsor Beacon Street Development, began in November and is expected to finish in time for an early 2019 opening. We first covered the 5-story, 27-unit project located at 620 Wade Avenue back in May and recently got an update from Beacon Street.

The Wade is Officially Underway!

Construction has begun at The Wade! To say we're excited to be underway on Raleigh's newest boutique condominium is an understatement!

Posted by The Wade on Thursday, November 9, 2017

 

10 of the 27 condominiums have been sold and Beacon is thrilled with the progress thus far. “It’s a mark of acceptance and shows the marketplace is responding favorably. To be able to sell 10 residences and have others very close to buying at this early stage means we’re meeting a real need,” said Justin Hime, Director of Sales and Marketing at Beacon Street.

Beacon’s track record of building high-quality projects like Fairview Row in Five Points has most likely played a part in that early acceptance. “When people go by Fairview Row, one of the greatest compliments we’ve heard is ‘Did you renovate those buildings?’. The project turned out better than anyone could have imagined,” said Hime.

The same can be said for The Wade, which fits nicely into the existing neighborhood streetscape on Wade Avenue near St. Mary’s Street. “We wanted The Wade to fit in to its surroundings, which is why it’s classically designed and inspired by the surrounding historical vernacular. Residents will enjoy the finest finishes and scale – inside and out,” said Hime.

“This building appeals to so many different types of people. One of our buyers summed it up as well as we could by saying, ‘This is an easy to life location’, meaning, it’s easy to get to the grocery story or dinner in Cameron Village, easy to get downtown, easy to walk neighborhoods like Hayes Barton. On top of this being an incredible location, we wanted to make sure the building gave residents a chance to get to know each other and foster genuine community. That’s why we put so much attention into designing our amenities,” said Jim Wiley, President of Beacon Street Development.

Those amenities include a rooftop terrace, dog washing station for all those Dogs of ITB, fitness room, Google Fiber, signature lobby area, and an outdoor rose garden. It’s also within walking distance of the ITB Holy Trinity of Five Points, Cameron Village, and Broughton (sko Caps).

“The hard part is communicating the details and building confidence in people that this residence is going to be what we envision it will be, and more. We hope our reputation, what we’ve done at Fairview Row, and our commitment to designing a wonderful building will make it an attractive option for those looking for this incredible lifestyle,” said Wiley.

If that doesn’t sell you on The Wade, then the fact that they have Webb Simpson’s U.S. Open victory playing on repeat in their fitness room should do it. I didn’t photoshop this. These are actual renderings we got from them, and we couldn’t be prouder. For more info on The Wade check out their website.

Webb Simpson, inspiring residents to work out.

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Brewing Up a New Business

Brewery Bhavana, which was just named as one of Forbes magazine’s “Ten Coolest Places to Eat 2018” list, will soon be opening a taproom adjacent to their brewery in Southeast Raleigh.

Local developer James Goodnight, known for his restoration of historic buildings, filed site review plans last month for a new restaurant/bar that calls for a change of use and the remodel of an existing 16,530 square-foot structure at 1401 South Bloodworth. The building is part of a larger complex owned by Goodnight, which includes Bhavana’s brewery and artisanal studios.

No details about the restaurant are spelled out in the site plans. Although they were filed last month, it was only last week that Bhavana’s owners announced their plans for a new taproom. We’re just excited about Goodnight — who restored the building now home to Ashley Christensen’s Death & Taxes — teaming up with some of the folks behind the wildly successful Brewery Bhavana.


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Weaver Street Market Coming to The Dillon

The iconic Carrboro co-op Weaver Street Market — home of the best chocolate milk I’ve ever had, bar none — announced last week that it will be opening their newest location at The Dillon in downtown Raleigh.

The Raleigh location will be the fourth area Weaver Street Market, but the first outside of Orange County. In a brief release published on Weaver Street’s website, the company noted that they already have a strong following in Raleigh, and are “excited to officially become part of the city’s vibrant downtown community.”

“We  look forward to creating a gathering place where the Raleigh community comes together to enjoy fresh, healthy, and locally sourced products from trusted producers. All while continuing our co-op model of operating a market for the community, by the community.”

Chocolate milk aside, the Weaver Street location in Carrboro is a fantastic place, and I’m thrilled we’re going to have one at The Dillon. Weaver Street will join a growing list of downtown grocers, which will soon include a Publix off Peace Street and a Harris Teeter at Seaboard Station.


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Office Space: The Dillon

After combing through some TPS reports, we discovered that 82,200 square feet of office leases have been signed at The Dillon, the first mixed-use development in downtown Raleigh’s Warehouse District.

Projected for spring and summer openings in 2018, the first tenants to occupy 40% of The Dillon’s office tower include:

· Stewart Engineering, a local engineering, design and planning firm. They’ll move into approximately 27,000 square-feet of office space.

· Spaces, which offers “creative working environments with a unique entrepreneurial spirit”, has signed a lease for approximately 35,000 square feet.

· FMI Corporation, a management consulting and investment banking firm, will move their Raleigh headquarters office to The Dillon occupying 20,200 square feet.

After successfully closing all three of these deals, Milton Waddams was rewarded with a corner office in the basement of The Dillon.

An Apple A Day Keeps The Gap Away

The Gap on the second story of the Crabtree Valley Mall has finally been filled. Apple held a grand opening this weekend celebrating its new and improved — and much larger — space at the mall.

Work began on the former home of The Gap in May, when $2.75 million in permits were issued for an extensive renovation of the 9,805 square-foot space. While the new store obviously bears no resemblance to The Gap, it’s also strikingly different than the old Apple store. AppleInsider categorized the look as part of the “next-generation Apple “town square” with floor-to-ceiling video display, cube-shaped seats and plenty of wood.”

Since both WNFIV and I are too afraid to go to Crabtree after the mall shooting, we found this Tweet showing off the new store.

 

The Walls and Halls Have Disappeared

The latest development  in Raleigh’s burgeoning Warehouse District will likely bring additional residential and office space to one of downtown’s fastest growing enclaves.

With both The Dillon and the brand-new Union Station set to open next year, the district is on track to shed all remnants of its former, more industrial self. In late November, an investment group led by a New York-based developer acquired a trio of parcels stretching along West Davie Street between South West Street and South Harrington Street for a total of $4.7 million.

The developer, Gary Fields, told the Triangle Business Journal they will take into account the “historic nature of the neighborhood,” and that they were looking toward both “preservation and growth.”

Site plans have yet to be filed, so it’s unknown whether the two existing buildings on the .82 acre site will be renovated and expanded, or, more likely, simply torn down. Fields’ references to preservation and the neighborhood’s historic nature, however, may signal an interest in restoring, renovating and expanding the existing structures.

Both buildings were once part of the Raleigh Oil Mill & Fertilizer Company, which Goodnight Raleigh described as “one of the earliest industries in the warehouse district, having been established in the 1880s.”

A report filed with the State historic preservation office describes the building at 406-412 Davie as a “2-story brick flat-roofed building built c. 1885 for press room and lint room of cotton seed plant. Segmental-arched windows are infilled. Early 20th c. two-story facade additions of brick and frame.”

The one at 322-324 Harrington was “originally a 1-story gabled brick building with round-arched windows that served as the guano mixing and storage house for Raleigh Cotton Oil & Fertilizer Company. This was raised to 2-stories in mid-2oth c., then gutted and remodeled in 1986. It is now known as Sperry Building.”

We’ll keep an eye on what happens with these.


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