by William Needham Finley IV™

Development Beat: Updates on The Wade, Seaboard Station Sold

in Development by

Brought to you by York Properties


Exclusive interview on The Wade

Seaboard Station sold to D.C. developer

North Ridge Country Club set for kitchen expansion

Wells Fargo to close Cameron Village branch

Farmington Square Shopping Center’s new owners plot expansion

To be featured in the Development Beat, contact business@itbinsider.com.




An Update On The Wade

Easily the most anticipated condominium project in the history of Raleigh, The Wade will be a five-story building consisting of 29 residences that come in two-and three-bedroom floor plans. Our friends at Beacon Street have been hard at work on the project, which we’ve covered in the past.

We sat down with Jim Wiley, President, and Justin Hime, Director of Sales and Marketing, to get the latest on the project.

ITB Insider: We’ll come right out and say it. We started a rumor that all of the residences in The Wade are sold out in order to prove that partnering with ITB Insider is the most effective method for selling condos. Have you actually sold out?

Justin: While our sales are strong, we’ve heard rumors that people think this place is sold out. Those now make sense after hearing your confession, but there are still a few opportunities available in the building.

ITB Insider: Sounds like our marketing was effective. Can you tell us more about the progress you’ve made since we last spoke?

Justin: A lot of the exterior details of the building are coming along nicely, as well as in the finish designs of the interiors. The phase we’re in now is putting the finishing touches on the featured gathering spaces.

Editor’s note: those spaces include:
A pocket park with a rose garden
A dog washing station for Dogs of ITB
An Owner’s Retreat – a beautifully appointed gathering place immediately off the main entry Gallery

A virtual concierge service (we’re trying to get a hologram of ITBlake the intern to serve as their concierge, but right now all he can say is “Hi Mark”)
A fitness room
A rooftop terrace with incredible views of the surrounding neighborhoods and the Raleigh skyline

ITB Insider: What type of people have purchased residences at The Wade? Can you make it a requirement that buyers submit their Broughton diploma at the time of closing?

Jim: We aren’t allowed to discuss that, but so far it’s a great group of people.

ITB Insider: So maybe someone whose name rhymes with Jeb Dimpson? Or perhaps a Gonner Baylord?

Justin: While we really can’t comment, we will say that the greatest attraction has yet to arrive. The people aren’t here. Buildings are great, but the people are what makes it so special.

ITB Insider: Understandable. Other than living in the heart of Raleigh, what about this project is attractive to potential residents?

Jim: There are a few common things people are looking for in a place like this. Most of which is being driven by a sense of community. They want to be around people and enjoy this walk to life location where they can dive into Hayes Barton for a morning walk, make their way over to Fletcher Park, and easily swing by Cameron Village. As we drive through this area we often don’t stop and recognize the established residential neighborhoods that already surround it. Fred Fletcher Park to me is one of the most under-appreciated parks in all of Raleigh. It’s 21 acres of green space – basically a miniature Pullen Park. It’s such an anchoring place for the whole area.

ITB Insider: Can you talk about location, location, and, more specifically, location?

Jim: It really is locationally as good as you can get. You could walk out of that building and go 500 different ways and never take the same path. It’s terrific.

ITB Insider: Sounds like a good tagline for The Wade would be “It’s The Best place to live your ITBest life.”

Justin: We’ll think about that, table it, and get back to you. What we can say is people who are interested in the building share a similar value proposition, namely, the life that everyone is prefiguring inside of the space.

The Owner’s retreat

ITB Insider: Interesting. Can you help us improve our SEO by using the following words in a quote about The Wade: pre-war, Beacon Hill, New York, Boston

Jim: Sure. With Fairvew Row and with The Wade we are offering this type of mature city living that didn’t really exist in Raleigh, but does exist in other cities. We might be in Boston walking around Beacon Hill saying, ‘This would be so cool to live here.’ Or in New York thinking, ‘Wouldn’t it be cool to live in a building like that?’ We’re seeing people who have lived in, or travel extensively to, other cities and they’re coming here and sharing how the best life they ever had was living in a pre-war building in New York. This is what they want. So that’s neat to have that mix.

ITB Insider: Thanks again for your time. We can’t wait to see the condo that you gave ITBlake the intern as a birthday present. Remember, we posted that on Instagram, which is a legally binding contract.

The Wade should be completed by the summer of 2019. A video of the progress was recently released.

Full disclosure: Beacon Street is a partner with the ITB Insider media empire. They did not actually gift our intern a condominium for his 18th birthday. Follow their progress on Instagram @beaconstreetdev


 

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Seaboard Station Plans $250 Million Expansion

Seaboard Station was sold for $34 million to D.C.-based developer PN Hoffman, who is now planning a $250 million mixed-use project for the property.

Those plans include 800,000 square feet of mixed-use space, made up of 650 apartments, 150 hotel rooms, and 90,000 square feet of new retail space and a total of 135,000 square feet at full build-out.

Most importantly, the mythical Harris Teeter will not be coming to Seaboard Station and our beloved Logan’s is safe, as their property is not part of the deal. 

The 7-acre property was owned by William Peace University, which paid $20 million for it in 2013. Trademark Properties, which manages Seaboard Station, said the $14 million increase in value was due to the “robust urban market in downtown Raleigh.” Trademark will continue on in their present role under the owners.

Although it was announced in 2016 that Harris Teeter would be coming to Seaboard Station, the project has officially been canceled. Instead, the developers will opt for a smaller 25,000 square-foot grocery store.

Seaboard Station was originally developed as a passenger rail station known as the Seaboard Air Line Depot in 1941, in the building that now houses Logan’s Trading Company. The station was eventually abandoned in the late 1980s due to the rerouting of northbound Amtrak trains.

Logan’s moved into the space in the 1990s, when its owners, looking to expand their business, purchased what was by then known as the Bagwell Seaboard Railroad Station. Logan’s reuse of the old space led to the redevelopment of the surrounding acreage, which became known as the Shops at Seaboard Station.


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North Ridge Country Club Kitchen Expansion

The North Ridge Country Club began an expansion project that will grow their kitchen and add a new bar to an outdoor covered porch.

J.D. Beam Inc. of Raleigh will oversee the $50,000 project that will add about 280 square feet to the kitchen and create a new 415 square-foot bar area.

Located on Falls of Neuse Road in North Raleigh, the club offers a variety of dining options, including the “quick and casual” Sandtrap, the Bluebird Grill, and special event dining in the Grand Ballroom.



Wells Fargo Closing On Oberlin Road

Wells Fargo will be shutting down one of its Cameron Village locations in February of next year.

Wells Fargo has just over 40 branch locations throughout Raleigh, and the closure is likely part of a nationwide consolidation process undertaken by the firm. The nearby location at 2001 Clark Avenue will remain open.

The branch at 601 Oberlin was housed in a two-story, 10,142 square-foot structure built in 1973 that had previously served as a branch of First Union bank until the company was acquired by Wells Fargo earlier this decade. It is unknown at this point what will be coming next for the site.


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Southeast Raleigh Shopping Center Set to Expand

Site plans were filed last week for a proposed expansion that would nearly double the size of the Farmington Square Shopping Center in Southeast Raleigh.

Anchored by a 9,000 square-foot Family Dollar store, the 24,000+ square foot shopping center is located adjacent to Southeast Raleigh High School off Rock Quarry Road, and is managed by our friends over at York Properties.

The expansion plans call for 19,496 square feet of new retail space to be built on a vacant 2.15-acre lot at 2802 and 2818 New Birch Drive. The work scope notes that the project will include the development of two new buildings designated for retail shopping, which will include access driveways and 81 parking spaces.


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