401 Cabarrus Apartments

New Construction
41

I think it was to bring the whole site up to the same zoning :

" Elmwood Development of Durham applied for the rezoning as the other three parcels slated for the development were already zoned for up to 12 stories."

“The development covers five lots – 401 W. Cabarrus St., 505 and 513 S. West St. and 510 and 514 S. Harrington St. – that total 1.06 acres. Elmwood Development owns 513 S. West St. and 514 S. Harrington St. Maverick Partners Realty of Durham owns the other three lots. The properties have a total assessed value of approximately $3.8 million”

1 Like
42

So they went through a rezoning process and the plans aren’t changing??

43

NIMBYs are effective at stopping urban infill but are seemingly powerless at stopping sprawl.

5 Likes
44

By default, they prefer sprawl.

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45

Sprawl has destroyed the soul of this once great city. It has now become an overpriced cul de sac.

46

With all due respect, Raleigh has always been Sprawleigh so I don’t think your assessment tracks, IMO.

2 Likes
47

This week the Board of Adjustment approved the white flag shelter for this location. The shelter will be open for MEN during times of extreme weather from November until April. This is a one year special use permit. Rezoning was approved this month as well. So hopefully the project will move forward for development.

4 Likes
48

Birdie Update. I have been told that this 12 story project is back on go with final purchase of 401 Cabarrus happening this month (to be combined with The Fairweather Paint location next door). The design team will be re-engaged to finish up the ASR in anticipation of a 4th quarter 2024 start date.

28 Likes
49

Ooo I can’t wait to see this in the skyline :hugs:

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32 Likes
50

I think the plan going forwards is different than that rendering.

1 Like
51

This purchase has gone through. $6.48m for the half acre.

https://www.bizjournals.com/triangle/news/2024/02/12/elmwood-development-buys-3-lots-downtown-raleigh.html

5 Likes
52

Wow! That’s $13M an acre!

53

I hope they haven’t spent so much on the land that the rest of the design takes a hit. This one really matters to me.

4 Likes
54

I don’t know how they don’t make it a special building. To recover their land costs, I’d think that they’d have to go high end on it. Living there won’t be cheap.

55

Except you have the Platform right down the street. A case of what is less than aesthetically pleasing can be.

56

It’s not twelve anymore. It’s five over two. At least at this point it is.

57

So why go to all the trouble to get the 12 story rezoning a few months back? I am wondering if they are just planning to rework the whole ASR to match that 12 story rezoning (or at least something above 5 stories which is what part of the development had previously)?

58

I don’t know. The property would be more valuable zoned DX-12, maybe the developer just did it in case they decided to sell instead of building, since it was already underway. Just my guess.