320/328 W. South Street - 20-story rezoning

Not sure where to put this… @dtraleigh , please move if necessary. TBJ is reporting that the properties located at 320 and 328 W. South Street has requested zoing for up to 20 stories. This property is catty-cornered (across Dawson/W Lenoir) from RedHat Amphitheater.

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I think those South St addys are the lots next to the storage facility?

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Exactly! The eastern portion of that block. The article mentioned a single story building, and the Victory Tabernacle Church.

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Yes, both of those properties were owned by Victory Tabernacle Church until this April per property records. The new owner is CSRA OPPORTUNITY ZONE FUND VI OWNER.

My husband and I wondered every time we walk by there when the church was going to cash in. I guess the time was right: both properties sold for a total of $4.2 mil.

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Nice. New topic for sure. Here’s the article you are referring to:

https://www.bizjournals.com/triangle/news/2020/07/06/downtown-raleigh-properties-could-see-20-story.html

Location is below and I expect to see the filing hit the city soon.

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Today’s TBJ is reporting that a Virginia company out of Richmond wants to build a 20-story mixed-use tower in The RedHat Amphitheater Area . They have already purchase the lot .

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Always nice to see stories like this, especially during the pandemic. Glad Raleigh continues to see growth.

I would be even more glad than usual to see something tall go in that specific spot bc it would hopefully block the view of that awful four-story self-storage building, which is one of my most-disliked buildings downtown.

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Raleigh must have the record for the number of “proposed “ multi story buildings.

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If they use most of that 20 story limit, this will have a really nice impact on the skyline from the money shot, and really help the urban core feel that much larger from a visual perspective

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Part of me wonders if all this “UpZoning” is just a tool to make the property more valuable to be sold off in the future. Especially since there are so many parcels to be UpZoned, but no plans have been released. I understand that zoning is the first step, but my gut tells me that it is more about money long term than actual development in the short term.

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Totally agree. Land flippers is all this is.

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A for effort:

image

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This developer’s legit; they have broken ground on three ground-up developments in Richmond’s trendy warehouse district. (Stopped by the neighborhood in March, which is so dense with breweries that it felt like Asheville’s south slope.)

That’s especially the case here, since the developer is using an Opportunity Zone fund. The law around OZ investments make it pointless to just entitle and flip; the tax benefit only accrues if you hold for 10 years, and build within the first few years.

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It would be great if true. Seems like you have great insight to these matters. Thanks

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the blog looks pretty cool, thanks for that link!

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This project was discussed yesterday at the planning commission. I didn’t pay attention but looks like this rezoning is moving forward–slowly just like every Raleigh project.

Here’s the presentation:

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Oh no. This is going to block the views from the self storage building, not to mention the morning shadow! What ever will we do?

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Omg I guess the world is really ending now

The historic self-storage units I think you mean. Get the historical society on the case!

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There are 3 slides of rules, regs and restrictions. That means if you want to come up with something unique and creative in the city of Raleigh go someplace else. We wonder why we keep seeing boring midrange buildings, well look at those volumes of regs. But wait!!! There are more to come. There are some nice parcels of land in this area which could be used to expand the CC which should be topped with a 40-50 story grand Hyatt hotel. That area has so much potential and can be eventually enhanced with DTS. Raleigh, get your foot off the neck of development. If Raleigh owned a restaurant they would prescreen every person that comes in to try and have them not spend money, they would do everything possible to turn them away “did you donate this year to the lost kitten fund”, no! Get out! Other cities would be laying out the red carpet for these opportunities and many just may get them instead of us.

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