Seaboard Apartments

[ChiefJoJo]

I'm surprised we don't have a topic on this:

Here's the original info on this old article:

Gregory & Parker this year intends to submit plans for a five-story building with about 100 apartments at the north end of the Seaboard Station development, McClain said. There are 2,640 residential units under construction or planned for downtown but many are condos costing $300,000 and up, creating a market for lower-cost apartments, McClain said.

and in the latest story on apartments downtown:

McClain Development Group this fall plans to begin on 115 apartments at Seaboard Station, a new shopping center north of Peace Street, east of Capital Boulevard.

I think we may have a new project, although I haven't seen any site plans yet.

BTW, this is not to be confused with 111 Seaboard, which is a York project.

[ncwebguy]

Yoga mentioned it briefly in the 111 thread and I did in the Seaboard Station thread.

But there has not been anything more than rumors so far. It would be ideal if these were *above* Seaboard Fitness/Ace/Peace Chinese, etc., but I don't think those buildings could handle five more stories. And there would be little room for parking.

If the apartment building has ground floor use -- offices or retail -- that could really add activity to the area.

Edit - fixed first paragraph

[RaleighRob]

Wow...cool. And with that location, they really wouldn't have to advertise for long to fill up their units. Just put fliers around Peace College and the employee lounges of all those state govt buildings.

[ChiefJoJo]

The developer has has submitted a site plan for the project: 5 stories, 112 units in two buildings. Here's the location, to be built on top of the existing parking lot and an old warehouse at the end of Semart Drive. It's cool that they are building on top of surface parking and it will be built right up to the edge of the Ace Hardware--that land was too valuable to be left as is.

Anyway, as we need some more rental options in the downtown area. Hopefully, this one will be semi affordable.

[ChiefJoJo]

N&O's coverage of Seaboard Apartments... planned to open by 2010, and the developer hasn't secured financing nor have they decided on a name yet.

[Gard]

planned to open by 2010, and the developer hasn't secured financing nor have they decided on a name yet.

[RaleighRob]

Haven't chosen a name? Um, here's an idea: "Seaboard Apartments".

As for financing, I would think it wouldn't be as difficult as it is for the condo projects that rely on pre-sales. For an apartment, just show that there's demand....which we all know in downtown there is.

From the article: The vacancy rate for inside-the-Beltline apartments dropped to a five-year low of 5.7 percent in January, according to Real Data of Charlotte.

And I'd bet if you focus on downtown specifically, it'd be even lower.

As long as there's a reputable company who's experienced in managing apartment buildings/complexes, then I can't imagine anyone not wanting to finance it. (Unless of course, you idiotically plan it out as a full-blown, ultra-luxury thing that no one around here can afford...in which case you deserve to be denied, IMHO.)