North Raleigh

[RALNATIVE]

Look at what Pete Loftin is doing: Loftin Article from TBJ

What I find really interesting about this article is what it implies about the Raleigh market. Apparently, we have reached the point where there are enough high incomes in or expected to be coming to the area that justifies the spec building (with an emphasis on spec) of exclusive, upscale developments. In terms of the bigger picture for Raleigh, I think that we will begin to see more and more upscale amenities coming to the area in the near future. This could also be a foreshadow to what we can expect to see in terms of general economy growth and future corporate relocations/expansions.

[DanRNC]

^Loftin had originally tried to sell this house for $25 million. I guess he thinks he can make more by subdividing the property.

[RALNATIVE]

^Loftin had originally tried to sell this house for $25 million. I guess he thinks he can make more by subdividing the property.

Is this the same house that was on the market for $32 million at one point?

[Jones_]

2728 Capital Blvd

I find this interesting because I work in this building. The owners are pulling Appliance Court (privately owned) back to the building, putting a traffic circle at the little exit off Capital Blvd and creating 3 new outparcels along Capital Blvd. Two noteworthy trends being embraced here...traffic circles and making better use of your land in suburbia (with the new outparcels). The new North State Bank building at Falls and Spring Forest also caught my attention in this regard.

[Gard]

^

I noticed that in regards to North State Bank. I was pleased to them reusing a part of their parking lot up near the road to densify their property a bit more. The building isn't right at the road, but it's a far cry from what the corner was before and I'm pleased to see a bit of improvement.

[Subway Scoundrel]

^

I noticed that in regards to North State Bank. I was pleased to them reusing a part of their parking lot up near the road to densify their property a bit more. The building isn't right at the road, but it's a far cry from what the corner was before and I'm pleased to see a bit of improvement.

I really like this building. Nothing fancy but also not a cheap building for the size.

[citiboi27610]

2728 Capital Blvd

I find this interesting because I work in this building. The owners are pulling Appliance Court (privately owned) back to the building, putting a traffic circle at the little exit off Capital Blvd and creating 3 new outparcels along Capital Blvd. Two noteworthy trends being embraced here...traffic circles and making better use of your land in suburbia (with the new outparcels). The new North State Bank building at Falls and Spring Forest also caught my attention in this regard.

Is there anything planned for these parcels or is this just initial steps to further developing the property? I don't know if I really like the idea. In the future I kind of imagined this area (and the rest of Capital Blvd.) with exit(s) and developing into more of a mix use area. I think that without improvements to Capital Blvd, putting more development along it might not be such a good idea.

[Jones_]

2728 was bought by a developer/investor and I have a gut feeling Jack Parker did not bother to mention that most of the State agencies leasing space had plans to relocate downtown. The building is a hunk of junk...barely class B office space...so for so civil engineering plans and a 100 thousandish bucks to relocate the road, they get 3 one acre lots that will fetch, what maybe a million dollars total...not sure what Capital Blvd real estate actually goes for. I am not sure I like it either with a through road right up against the veranda (they get around this by the road being privately owned I am guessing), but being one of relocating State employees, I am ambivalent about the armpit called Capital Blvd. I suppose I should care about the whole city, but it feels so utterly hopeless out there....

[Jones_]

These are not impressive things to report but I noticed a somewhat large looking building (6 stories so far) going up off Raleigh Blvd at Westinghouse. Also a 3 story building is being crammed in next to the Wilco on Capital just north of downtown. Not sure what either will house yet but any investment is a positive sign for the local economy.

[DPK]

Also a 3 story building is being crammed in next to the Wilco on Capital just north of downtown. Not sure what either will house yet but any investment is a positive sign for the local economy.

The 3 story building is really just an expansion of the U-Haul building that's there already. They are attached to each other. The new part going up allows for that U-Haul to sell storage space/units.

[RaleighRob]

These are not impressive things to report but I noticed a somewhat large looking building (6 stories so far) going up off Raleigh Blvd at Westinghouse.

Extron Electronics: http://www.extron.com/company/article.aspx?id=nc_office_pr

Was supposed to be built almost two years ago, but it was delayed by the economy I guess. But I'm glad they're getting somewhere. I used to work near there, and that area could use some good development.

[Jones_]

Extron Electronics: http://www.extron.com/company/article.aspx?id=nc_office_pr

Was supposed to be built almost two years ago, but it was delayed by the economy I guess. But I'm glad they're getting somewhere. I used to work near there, and that area could use some good development.

Thanks for the link Rob. I work across Raleigh Blvd from this site. Their picture doesn't look anything like what is actually going up, but I suppose designs can change. This building looms over the surrounding area and given the light industrial nature of the area, fits right in use-wise. I wonder if they know the City trash truck facility is coming out here. Oh well, this whole area is underutilized and its good for someone to choose this area to employ some of the high-tech crowd that might could use a job here.

[citiboi27610]

Agreed Jones133, this area is lacking. It could support a good density of housing to support industrial and commercial growth in the area. I haven't understood why more hasn't gone on here.

[Gard]

At long last, the Capital Plaza Hotel property located just north of the beltline on Capital has been purchased in an auction. The new owner is a hotelier known for purchasing distressed hotels and turning them around to become top of the line hotels. He plans for it to be a state-of-the-art hotel and promises that it will be the best hotel the area. He expects to have the property fully renovated and open within a year. Definitely a shot in the arm for this area! This building is a real eye sore as it is and revitalizing of this area (at least that side of of the road) is sorely needed.

http://www.newsobserver.com/2010/12/16/864600/auction-of-hotel-fetches-a-crowd.html

http://www.wral.com/business/story/8781449/

[orulz]

At long last, the Capital Plaza Hotel property located just north of the beltline on Capital has been purchased in an auction. The new owner is a hotelier known for purchasing distressed hotels and turning them around to become top of the line hotels. He plans for it to be a state-of-the-art hotel and promises that it will be the best hotel the area. He expects to have the property fully renovated and open within a year. Definitely a shot in the arm for this area! This building is a real eye sore as it is and revitalizing of this area (at least that side of of the road) is sorely needed.

http://www.newsobserver.com/2010/12/16/864600/auction-of-hotel-fetches-a-crowd.html

http://www.wral.com/business/story/8781449/

Glad to hear it - I agree this boarded up hotel is an eyesore as it is.

Unrelated but nearby: anyone know why Westinghouse and Highwoods don't connect at Capital? Having those two intersections one right after the other is a big impediment to traffic.

[Jones_]

Long a topic of discussion for those of us that work at 2728 Capital Blvd, the word on the street is that they were supposed to connect. We speculate that the owner of the barbecue joint had political connections, or at least friends in politics who at their often, and hence it remained. There are also abandoned gas tanks south of there (station gone), and those of the existing unused gas station north of the connection point that may have played into it. I personally thought perhaps Highwoods itself did not want the connection or many more people would have used the cut through to Atlantic Ave, but this is all speculation.

[Merboy]

Just because it's been a while since anyone's posted I wanted to mention that the new Whole Foods is coming along nicely at the Colonnade. Not sure what influence this will have on the area but yay! organic groceries for yuppies!

[RaleighRob]

^It'll probably have the biggest effect down in West Raleigh where the current Whole Foods is. Less crowds, etc.