Archived

This topic is now archived and is closed to further replies.

RaleighRick

630 North Street

87 posts in this topic

Just read in this weeks TBJ that there is a new mixed use building going up at the corner of North St and Boylan Ave. The article reports that the structure will stand 10 stories, 175,000 sqft, with street level retail, 3 floors of office condos, 4 levels of residential condos (24 units) and 4 additional levels of parking (2 underground). Residential units start at $395,000. ALL space would be for sale instead of lease. Can't wait to see some renderings.

Share this post


Link to post
Share on other sites


According to the article this will go on the northeast corner.

This will be a very high-end development. Prices start at $395,000 and the units will average 2000 square feet. $200psf is actually not bad, but do we really need so many huge units downtown?

Share this post


Link to post
Share on other sites

Sounds like a great development. i wouldn't be surprised if prices went up, and Square footage went down.

Still, great stuff.

Share this post


Link to post
Share on other sites

I think this is great, but this looks like it will be adjacent to Tucker Street. If the development there couldn't get apporved at the proposed height, how will 10 floors fly here?

Share this post


Link to post
Share on other sites

I think this is great, but this looks like it will be adjacent to Tucker Street. If the development there couldn't get apporved at the proposed height, how will 10 floors fly here?

Because this is on Boylan Street, not St Mary's Street. Due to the context and the location of Boylan Street, I'd say that most anything here 12 stories or less will pass with very little opposition. For example, the Paramount, and the 8-story Boylan Flats.

I think the folks in Cameron Park recognize that Boylan is part of downtown. The trouble at 712 Tucker is that St Mary's is the border between their neighborhood and downtown, so they wanted more of a more of a transition. While most of us here think a 4-story residential building would have been a good transition, the folks who actually live there preferred to have 3 stories facing St Mary's instead.

Share this post


Link to post
Share on other sites


According to the article this will go on the northeast corner.

This will be a very high-end development. Prices start at $395,000 and the units will average 2000 square feet. $200psf is actually not bad, but do we really need so many huge units downtown?

We need more AFFORDABLE units downtown - 150-200K - even if they're studios. It can't turn into a snobfest down there.

Share this post


Link to post
Share on other sites

We need more AFFORDABLE units downtown - 150-200K - even if they're studios. It can't turn into a snobfest down there.

I agree with you, but if they can sell them for that, do you blame them? Higher income brackets does attract more and more developers to the area. This includes the all important retail sector.

Share this post


Link to post
Share on other sites

Ok, it looks like this building will have 48,000 square feet of residential space in this building. (24x 2000sf)

In this case, $200 per square foot is $200 per square foot, whether it's sold at $4.8 million each for two 24,000 square foot megacondos, or $100,000 apiece for 96 small, 500 square foot studios.

That's why I don't understand why we're getting so many large, expensive units and comparatively few smaller, more affordable units downtown. Isn't the profit pretty much the same regardless??

Share this post


Link to post
Share on other sites

Isn't the profit pretty much the same regardless??

No. The margin will be higher on the larger unit, because the construction cost/SF goes down, while the sale price/SF goes up.

Share this post


Link to post
Share on other sites

OK, so bump the price for the studios up to $110,000 per unit, or $120,000 even. Whatever it takes to cover the increase in construction costs. I still think that developers would have more success selling these smaller, less expensive units than the big condos that are just as big SF-wise as a suburban SFH. And, it brings more people downtown per land area - which is good!

Share this post


Link to post
Share on other sites

A street level bank branch would be something different for that area. All branches are either in Cameron Village, Five Points, or along Fayetville Street. With the increased use of plastic these days, is a traditional bank necessay any more?

Condo developers are always taking the easy way out -- if they can sell the same amount of space to 20 people instead of 70-80, and the market is there for such units, then why not? I think the ideal location for smaller studio units and/or apartments could be on the east side of Harrington. Buildings can be a lot taller there without any residential neighbors to complain. A residential tower cluster starting with Quorum and working north could support the state government TTA station, compliment Glenwood South, and fill in the "gap" between Glenwood and the rest of north downtown's government complex.

This location is a meeting point/transition between the vibrancy of Glenwood and the "old money" neighborhood north of St. Mary's, so I doubt anything close to "affordable" will be proposed here. And residents will get a whiff from CharGrill and Snoopys for free with every southern wind gust!

Share this post


Link to post
Share on other sites

I think Raleigh is exactly where Charlotte was when they started their big DT development boom in the Late eighties. If so, get ready for a tidal wave. Just a year ago, people on here thought high rise condo projects wouldn't work.

Share this post


Link to post
Share on other sites


I think Raleigh is exactly where Charlotte was when they started their big DT development boom in the Late eighties. If so, get ready for a tidal wave. Just a year ago, people on here thought high rise condo projects wouldn't work.

I don't know why I never thought to check out Charlotte's thread but wow. I certainly hope Raleigh condo project do follow in design and height. Even in the highrise projects some units started in the upper 100's. Here forget about it....you are starting in the mid 200's as the norm. I think we are heading in the right direction but sure make you think twice about buying into some projects because who knows whats coming. I certainly am tired of the brick/stucco 4-5 floor developments.

Share this post


Link to post
Share on other sites

The highend market will be exhausted eventually trust me. Thereby leaving a forcing developers to venture into an under served low income market trust me. It's simple math. The number of middleclass single types far outweigh the rich. It's just that the highend market is more profitable currently.

Share this post


Link to post
Share on other sites

The highend market will be exhausted eventually trust me. Thereby leaving a forcing developers to venture into an under served low income market trust me. It's simple math. The number of middleclass single types far outweigh the rich. It's just that the highend market is more profitable currently.

You talk like there aren't any inexpensive residential developments near downtown. 700sf units in Palladium started at $180k, and that's across the street from City Market.

Share this post


Link to post
Share on other sites

180K is still out of reach for a young professional. Unless you know of any 50 year loans or 0% interest rates.

Share this post


Link to post
Share on other sites

180K is still out of reach for a young professional. Unless you know of any 50 year loans or 0% interest rates.

I got to think that it will be hard to own a new condo for much less than $180.

Is there new residential construction in the city for $180 ? If there is I bet it is not near the city center.

JB

Share this post


Link to post
Share on other sites

DT Raleigh needs some apartments.

I agree, condos less than $180k are going to be hard to come by. At least for those in a desireable location.

Share this post


Link to post
Share on other sites

True, true. There are some apartments coming online at Oberlin Ct. but that's not really downtown. I think apartments downtown would definetly work. Maybe Apartments with an option to buy after a certain period of time.

Share this post


Link to post
Share on other sites

180K is still out of reach for a young professional. Unless you know of any 50 year loans or 0% interest rates.

That's not the first time that comments to that effect have been made here. Yet that is about the cheapest that anyone can reasonably expect to pay for a nice place near downtown.

It's also about $45k less than the average home price in Raleigh.

$180k is well within the reach of any college graduate with a decent job, much less that of a "young professional". If you can't afford that, I'm afraid you've just been priced out of the market. You just can't afford a house. It's that simple.

Share this post


Link to post
Share on other sites

That's not the first time that comments to that effect have been made here. Yet that is about the cheapest that anyone can reasonably expect to pay for a nice place near downtown.

It's also about $45k less than the average home price in Raleigh.

$180k is well within the reach of any college graduate with a decent job, much less that of a "young professional". If you can't afford that, I'm afraid you've just been priced out of the market. You just can't afford a house. It's that simple.

Are you serious? So someone making an average of 35k a year, should be able to afford a 180k home? A mortgage company would laugh in your face. :rofl:

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.