26 replies to this topic

[orulz]

Raleigh is having a bit of boom in mid-rise, urban, market-rate apartments these days. What's your take - is this going to result in a glut? Or is it simply meeting latent demand? Is the shift away from buying and towards renting a permanent shift or temporary?

Downtown:
712 Tucker (179 units - completed)
Hue (208 units - completed)
425 N Boylan (250 units - under construction)
FMW @ Hillsborough/Morgan (249 units - under construction)
600 St Mary's (145 units - under construction)
Apartments at West (153 units - proposed)
Seaboard Apartments (112 units - proposed)
The Gramercy (209 units - proposed)
Edison Apartments (239 units - proposed)
Skyhouse Apartments (320 units - proposed)
TOTAL: 2064 units
  
Center city neighborhoods:
Valentine Commons (277 units - under construction)
Valentine Commons Phase 2 (126 units - proposed)
Gallery at Cameron Village (282 units - under construction)
401 Oberlin (250 units - proposed)
TOTAL:935 units

Mid-rise mixed use infill but not quite 'urban'
Alexan North Hills (297 units - completed)
Park and Market (North Hills East) (409 units - completed)315
Oberlin Court (370 units - completed)
Manor Six Forks (298 units - completed)
TOTAL: 1374 units

COMPLETED: 1761
UNDER CONSTRUCTION: 1203
PROPOSED: 1409

GRAND TOTAL: 4373

[kermit]

guess it all depends on price points. The Triangle has always been a very strong apartment market due to all the students. I would guess that many of the near campus complexes are aging to the point where they no longer have much appeal to the student crowd so there are likely strong opportunities for some intown new construction -- assuming its moderately student friendly.

I do get the feeling that the Hue is well beyond the reach of most NCSU students. Are all the others priced that way?

[ERJ170]

Appropriately priced apartments and condos are essential to a thriving downtown. Without it, it's gonna be a deadzone. I think all of these are great as long as they are not all trying to compete for the same person. All these apartments can not be high priced elitist apartments. You have to have some mid-low range, mid-range, mid-high, as well as high range. And they have to be inter-dispersed. And, to make it worthwhile, there needs to be hotels and street level shops/restaurants/sundries in the mix. More boutique hotels would be fantastic for Raleigh. And at least a W Hotel, Intercontinental, or Ritz Carlton is needed.. I've heard from a lot of people who have been to Raleigh for a conference that complained there were no hotels rooms available.. The CC is working but more hotel rooms are needed..

just a thought..

[Gard]

I believe that, much like ERJ170 said, that there needs to be a mixture of apartment sizes, pricing points and locations.  Having the right mix is essential for making downtown thrive and grow from where it currently is today, especially so in a time where housing is more difficult to purchase than it has been at any time in recent memory.  As far as if this is a permanent or temporary shift, I don't think anybody really knows.  I'm thinking that it might eventually settle somewhere in the middle of the extremes.

[Jones133]

Agreed on the need to cover many price points. RIght now it's mostly latent demand regarding personal preferences to live in a downtown but at some point that will result in a compact self sufficient downtown that can reduce energy consumption buy having all you needs nearby which will then create a second source of demand.

[Jones133]

The FMW project (Morgan-Hillsborough) is supposed to break ground Monday according to the N&O

[orulz]

Add another one to the list: The Gramercy, 7 stories, 209 units with 5600 sf of retail at the NW corner of Glenwood and North.

I count six major new construction projects in Glenwood South.
(1) 600 St Mary's
(2) 425 N Boylan
(3) Gramercy
(4) Apartments at West
(5) Hampton Inn
(6) Carolina Ale House

How many of these will actually make it to completion? I don't know. But to me, this seems like every bit as much of a boom as back in 2007. Only this time, they're building things for which there is actual established demand (Urban apartments) rather than things for which there is not (expensive ultra luxury condos.)

[Jones133]

Similar to my comment in the other thread, I am hoping these additions turn this into a livable area from the trashy, easy come easy go club scene.

[orulz]

I spied an entry on Bidclerk for a 12-story, 300 unit apartment complex. The caption (at least what we can get for free) is:

Quote

Site work and new construction of a residential development in Raleigh. Completed working plans call for the construction of a 300-unit, 12-story apartment complex. Subcontractor bids are due to the general contractor as soon as possible....

This is interesting as it's both taller and has more units than anyghing I've seen proposed to date. Either this is some project that's new to me, or else one of the projects we already know about has increased in scope.

[RaleighRick]

I wonder if this could be a modification to the Edison project.  The 12 story building would make more sense in that location than in the other know proposals.

[Jones133]

^ That makes pretty good sense. Sandreuter sounded like he was the least far along though in the news releases. Hmm...

[orulz]

I was bored and made a map of all the apartment projects that are under construction or proposed.

See the map here.

We already knew this, but there's a pretty heavy concentration in the Glenwood South area.

[Jones133]

If Cameron Park wasn't there, (and thats totally fine that it is there) it looks like the whole area from Cameron Village to Glenwood South to Hillsborough Street would mushroom into its own totally urban district. I wonder if this will be anywhere close to enough new people in the area to support another grocery store. The Teeter is freaking packed all the time and its pretty well locked into its block (which is an expansion itself from the old Rite Aid building)

[Green_man]

I heard somewhere about a rezoning case to allow for a 5-story (maybe 200 unit?) apartment building at the corner of Wilmington and Polk.  On its own, seems like a strange place for an apartment building, but combine it with the Blount Street Commons (if they ever proceed with all phases) and future Seaboard apartments, then this area becomes quite the active residential neighborhood.  Near to a light rail station at Peace St too!

[orulz]

There was a rezoning application for this location.

This is actually part of the Blount Street Commons development. The rezoning really only entails a minor adjustment in allowable heights and I'm not sure whether there is any concrete plan for an apartment building behind the rezoning.

[Jones133]

It reads such that I think it is just to maintain the value of the land. I suspect LNR will sell off these lots like the are marketing the one at Peace and Person.

[Jones133]

orulz, on 01 December 2011 - 11:53 AM, said:

Add another one to the list: The Gramercy, 7 stories, 209 units with 5600 sf of retail at the NW corner of Glenwood and North.

I count six major new construction projects in Glenwood South.
(1) 600 St Mary's
(2) 425 N Boylan
(3) Gramercy
(4) Apartments at West
(5) Hampton Inn
(6) Carolina Ale House

How many of these will actually make it to completion? I don't know. But to me, this seems like every bit as much of a boom as back in 2007. Only this time, they're building things for which there is actual established demand (Urban apartments) rather than things for which there is not (expensive ultra luxury condos.)

It looks like 425 Boylan (as you stated in the other thread Orulz) and 600 St Marys are both underway. Along with Hampton Inn, FMW's apartments and the ones at Cameron Village, this makes 5 active projects in the area (well I guess we could count Chik Fil-A too),  4 of which are apartments. Those plus a hotel are all adding foot traffic to the area.
I am starting to think Earth Fare in the area north of West condos perhaps hitched to something like American Apparel, both of which are semi-mainstream but have good alt-influences which is about what our downtown leans. Crazy but not too crazy...gritty but not too gritty. Faux renegade...you get the idea....

[RaleighRob]

Green_man, on 24 January 2012 - 10:06 AM, said:

I heard somewhere about a rezoning case to allow for a 5-story (maybe 200 unit?) apartment building at the corner of Wilmington and Polk.  On its own, seems like a strange place for an apartment building, but combine it with the Blount Street Commons (if they ever proceed with all phases) and future Seaboard apartments, then this area becomes quite the active residential neighborhood.  Near to a light rail station at Peace St too!

Not strange, but genius if you ask me.  With the opening of Green Square, the upcoming Nature Research Center next to it, the new SECU building going up and the state bar building a new HQ on Edenton Street, any apartments going up on that corner would surely fill up fast (presuming they don't cost a ridiculous price).  With all the talk of new apartments going up on the west side at Glenwood South and West Morgan areas, I was worried that areas east of the capital were being ignored, so it's a great idea to put something at this spot!  

[NCMike1981]

@RaleighRob sad thing is you know any apts built there would probably have jacked up rates lol. I wish downtown proper (not imcluding the shady areas near downtown but not in it) had more market value rental rates, although hopefully prices will get a bit more in line with other areas of Raleigh as availability of units increases.

[RaleighRob]

^ Oh trust me I know!   Last time I tried to move back downtown I searched about 3 1/2 weeks almost 24/7 to find what I got now (and I still consider it on the far upper end of my affordability range).  And you know the Glenwood south area apartments are gonna be high...just look at the rates for Tucker and Hue.  
But like you said, more units available out there can only help the situation...even if by a slight amount.  Love to see it get to a point of some competition.