Charlotte/Raleigh Highrise Building Booms

[carolina1792]

Another Raleigh mid-rise project potentially moving forward. City of Raleigh RFP'ed a mostly underused downtown city block for redevelopment. About 4 proposals were submitted.  All proposals included affordable housing and entertainment amenities/retail. 

The City of Raleigh just voted to move forward with the project below. The scope and renders may change*. 590 apartment units (160 to 190 will be marketed as affordable housing), 135 room hotel, 22,000 sq. ft. grocery store anchor, retail space, Raleigh Rescue Mission will get a new home on-site. 

The 30-story VeLa Longview tower is being built nearby so it won't be out of character to build a tower here. 

[jthomas]

22 hours ago, carolina1792 said:

Another Raleigh mid-rise project potentially moving forward. City of Raleigh RFP'ed a mostly underused downtown city block for redevelopment. About 4 proposals were submitted.  All proposals included affordable housing and entertainment amenities/retail. 

The City of Raleigh just voted to move forward with the project below. The scope and renders may change*. 590 apartment units (160 to 190 will be marketed as affordable housing), 135 room hotel, 22,000 sq. ft. grocery store anchor, retail space, Raleigh Rescue Mission will get a new home on-site. 

The 30-story VeLa Longview tower is being built nearby so it won't be out of character to build a tower here. 

That's a nice mountain range in the background - I hadn't noticed that on my previous visits to Raleigh...

[Mid South NC]

Still banging out towers at North Hills as if the U.S. economy wasn't already  in free fall. #Vision #JohnKane #RTP #RDU 

[tozmervo]

1 hour ago, Mid South NC said:

Still banging out towers at North Hills as if the U.S. economy wasn't already  in free fall. #Vision #JohnKane #RTP #RDU 

Did I miss a memo about the US Economy? 

[Richhamleigh, DC]

The pundits are going to talk us into a recession -- and the financial wizards won't be happy until people are unemployed and wages fall.  Just my opinion.

[Mid South NC]

On 12/20/2022 at 12:43 PM, tozmervo said:

Did I miss a memo about the US Economy? 

Just remove the blindfold  as the true indicators are everywhere. 

[15895]

55 minutes ago, Mid South NC said:

Just remove the blindfold  as the true indicators are everywhere. 

What specifically? 

[Matthew.Brendan]

https://markets.businessinsider.com/news/stocks/blackrock-recession-warning-stock-market-analysis-2023-economic-outlook-2022-12

[15895]

1 minute ago, Matthew.Brendan said:

https://markets.businessinsider.com/news/stocks/blackrock-recession-warning-stock-market-analysis-2023-economic-outlook-2022-12

Haven't we known that was inevitable upon reemergence from Covid? The economy shuts down, supply chain issues, etc. led to inflation and the Feds are trying to cool it by raising interest rates. Is that basically what the article says? 

[Matthew.Brendan]

FDIC probably knows more than I do about these things. I don’t even know how to properly contextualize this information. but that’s the beauty of raw numbers and  charts. even I can see that certain things are way out of wack.

The point being we are in “uncharted territory” to use a cliche phrase when it comes to the economy.  There’s lots of moving parts beyond just the interest rate / housing market at play. 

[tozmervo]

On 12/29/2022 at 3:09 AM, Matthew.Brendan said:

FDIC probably knows more than I do about these things. I don’t even know how to properly contextualize this information. but that’s the beauty of raw numbers and  charts. even I can see that certain things are way out of wack.

The point being we are in “uncharted territory” to use a cliche phrase when it comes to the economy.  There’s lots of moving parts beyond just the interest rate / housing market at play. 

This is way out of my field, but paper losses only matter if financial institutions need to start selling securities to make up for a money shortfall elsewhere. Unless someone more savvy in the industry can chime in, my impression is that most of the major players in finance are in strong financial positions right now and won't need to fire-sale securities anytime soon, barring some other insane crisis.  Recession? Sure. Free fall ala 2008? That seems more far-fetched. 

[midtownclt]

From the TRIANGLE BUSINESS JOURNAL FEB 2023 about the 400H tower in downtown Raleigh

New Raleigh tower searches for tenants as completion nears

 Downtown Raleigh's newest high-rise is on track to open this year but has yet to sign a single office or retail tenant. 

AND ...

The big Triangle projects to watch as economy teeters

As the macroeconomic picture shifts and access to capital dries up, companies will be re-evaluating their strategies for shiny new towers and major expansions.

I can't access the article in the Triangle Business Journal but I wonder about the impact on all the proposed projects in Raleigh and maybe some in Charlotte as well.  

[KJHburg]

29 minutes ago, midtownclt said:

From the TRIANGLE BUSINESS JOURNAL FEB 2023 about the 400H tower in downtown Raleigh

New Raleigh tower searches for tenants as completion near

 Downtown Raleigh's newest high-rise is on track to open this year but has yet to sign a single office or retail tenant.

I read that story about 400H.  first it was somewhat misleading.  The Raleigh office market tenants like to kick tires i.e. see the space before they commit.  Many times in Charlotte we prelease office towers but not always.  110 East has no announced tenants yet either.  The amount of office space in 400H is smaller only 156,000 sq ft. It is really not that big due to it being a mixed used tower.  However both markets are not immune from work from home trends and tenants using less office space.  Tech tenants which there a lot more of in the Triangle tend to take huge spaces then give up some.  Nowhere in this country is immune from the trend of using less office space.  Even Charlotte has seen a slowdown in new office building starting and we have generous amounts of big blocks of space uptown including half of the One Wells Fargo tower 301 S College.   In Raleigh at the Iron Works development they have dropped 2 future office buildings in lieu of more apartments at that project.    From the Biz Journal this article talking about the national office market said this:  

""As much as 1.4 billion square feet of U.S. office space could become functionally obsolete by the end of the decade.

That's according to a new analysis by Cushman & Wakefield PLC (NYSE: CWK), which examined which categories of office space could become outdated in the coming years. When factoring in the national office market's natural vacancy — 13% before the pandemic — the decade could end with 330 million square feet of excessive vacant office space, according to Cushman.""

[Hushpuppy321]

The Start of High Rise Construction Projects will probably continue to slow and/or hit pause throughout both Raleigh and Charlotte.  The only difference is that in Charlotte there will still be several  High Rise starts this year because of the vast urban demand in SouthEnd and the institutional monies involved in the Pearl District around the planned Medical School project.  I believe that the only Office Groundbreaking this year will be the Med School, everything else will be high rise Residential projects.  That’s my guess.

Whats the High-Rise Residential Development scene in Raleigh & Durham like currently?

Edited March 6, 2023 by Hushpuppy321

[nicholas]

On 3/6/2023 at 9:04 AM, Hushpuppy321 said:

Whats the High-Rise Residential Development scene in Raleigh & Durham like currently?

There's a ton of residential currently under construction in both cities, very little office though (at least highrise office).  Check the Triangle subforum, it's not as active but most of the big projects are updated by someone at least periodically.  Raleigh has 401H topped out (20 stories), another 20 story tower on the south end of downtown, 33ish story RUSBUS tower next to the train station, and a ton of midrises throughout downtown and some other emerging areas inside 440.  Plus the nonstop development at North Hills.  Durham has the Novus tower going vertical (27 stories) and a few midrises here and there.  Raleigh and especially Durham have generally been more difficult for developers to get proposals all the way to construction than here in Charlotte.

Edited March 16, 2023 by nicholas

[.a barrier]

On 11/15/2022 at 3:13 PM, carolina1792 said:

Another Raleigh mid-rise project potentially moving forward. City of Raleigh RFP'ed a mostly underused downtown city block for redevelopment. About 4 proposals were submitted.  All proposals included affordable housing and entertainment amenities/retail. 

The City of Raleigh just voted to move forward with the project below. The scope and renders may change*. 590 apartment units (160 to 190 will be marketed as affordable housing), 135 room hotel, 22,000 sq. ft. grocery store anchor, retail space, Raleigh Rescue Mission will get a new home on-site. 

The 30-story VeLa Longview tower is being built nearby so it won't be out of character to build a tower here. 

The Bowl at Ballantyne is getting filled up. Construction of a 6-acre park that follows a stream is expected to be finished by the fall. A new pedestrian bridge that will connect people from the park to a dining and retail area is done, except for some final landscaping touches. Work on an amphitheater continues. Newly-released renderings this week of the 20-acre project in south Charlotte show what’s to come this summer: vertical construction of a 26-story apartment tower that will have 350 units plus seven free-standing, low-slung retail buildings.

Read more at: https://www.charlotteobserver.com/news/business/development/article261539567.html#storylink=cpy

[.a barrier]

Developer Lincoln Harris is proposing adding a 10-story office and commercial tower where the movie theater currently sits at Phillips Place.

Why it matters: If built, this would be the tallest building in SouthPark, formerly farmland that’s evolved into the city’s ritziest retail enclave. This project is part of Lincoln Harris’s larger overhaul of Phillips Place, which includes aesthetics upgrades and several new tenants.

• Among the most prominent of those new tenants: The three-story Restoration Hardware that opened in 2020.
• Another high-profile tenant to come: Bonterra Coffee and Wine Bar will open in the former Coplons spot in Phillips Place.

“It’s 25 years old and needs a refresh,” Collin Brown, an attorney representing the developer, said of Phillips Place. From conversations with neighbors and community groups, Brown told Axios, the feedback has been “consistently supportive.”

• Some neighbors, however, are concerned the tower will be too tall, though, as the Observer reported.

Driving the news: The tower project had a hearing before city council last week. A vote is expected on the development next month.

Details: The building would include 250,000 square feet of office use, plus up to 20,000 square feet of commercial use.

• The development will include connectivity to the SouthPark loop, a 3.2-mile trail intended to make SouthPark more walkable., Brown said. It’s under construction now.

Of note: It’s not yet clear when the movie theater will close. A Regal representative did not respond to a request for comment.

Here’s a look at what the tower would look like. These renderings are courtesy of a Lincoln Harris project presentation to the city of Charlotte.

Story Views: 3,058

Edited March 24, 2023 by .a barrier

[.a barrier]

RENDERINGS: Crescent Communities, Nuveen Real Estate to develop 31-story tower in South End

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Crescent Communities and Nuveen Real Estate recently acquired land for an upcoming project called Carson South End. The 31-story mixed-use building will span 3 acres at South Tryon and Carson streets. It will include nearly 560,000 square feet of office space, 10,000 square feet of retail

 

[.a barrier]

110 East | Charlotte NC

[.a barrier]

Southend rising 

[nicholas]

13 hours ago, .a barrier said:

Southend rising 

Check out the main Charlotte subforum.  A lot of good info and specific threads on each project.

[carolina1792]

There's been a slow down in construction of a few projects in the Raleigh area but it appears that the folks at DTRaleigh has spotted on LinkedIn that one of the dual 20 story projects appears to finally start up  this summer (June 1st). 

Few of the larger tower projects in North Hills, Downtown South, and a couple of projects in Downtown Raleigh have been delayed to re-evaluate office space requirements, redesigns, and readjust the financing due to higher interest rates. 

I'm not aware of any other project breaking ground soon so this is pretty exciting. 

 

Edited March 27, 2023 by carolina1792

[RALNATIVE]

36 story tower planned for Nash Square site:

https://www.bizjournals.com/triangle/news/2023/04/06/downtown-raleigh-tower-berkeley-cafe-development.html

[KJHburg]

28 minutes ago, RALNATIVE said:

36 story tower planned for Nash Square site:

https://www.bizjournals.com/triangle/news/2023/04/06/downtown-raleigh-tower-berkeley-cafe-development.html

here is another story with a rendering. https://www.axios.com/local/raleigh/2023/04/06/plans-filed-for-tower-that-would-rival-raleighs-tallest

   It would be 429 feet tall which is ranks it among the tallest in Raleigh. 

[DCMetroRaleigh]

On 4/6/2023 at 3:57 PM, KJHburg said:

here is another story with a rendering. https://www.axios.com/local/raleigh/2023/04/06/plans-filed-for-tower-that-would-rival-raleighs-tallest

   It would be 429 feet tall which is ranks it among the tallest in Raleigh. 

Raleigh towers are the most uninspiring and dull in the nation. Box City . SMH