Even if it does have ground floor retail, this project is located in a particularly non-walkable location at the corner of an extremely car oriented intersection. Until the rest of the property to its E/NE gets developed, it’s going to function like a car dependent peninsula. If I were a retailer, I certainly wouldn’t be choosing this location right now over the myriad of other empty storefronts available in better walkable locations.
Looks depressing. Live in a thin walled box over an expressway. Rather live in an older walk up suburban style.
Both are fine. And that’s ok.
I think those sliding doors are missing some balconies. That first step is a doosie.
Cheap, ugly sliders and vinyl windows. Renderings seem to always look better than the finished product. It’s a shame the developers don’t put more time and thought into the materials they use. Like the saying goes, “the devil’s in the details”.
They should use this view in their marketing materials.
(credit to https://www.youtube.com/@LeeTillett100)
Any updates on future developments for this land? I could see a boutique hotel opposite the apartment building.
And what about the planned road connecting to MLK Jr Blvd? Any updates on when construction will begin?
I’ve been on this blog since day 1 and followed this website closely since 2009 when the skyline was lowkey an embarassment…I always dreamed of Raleigh getting thicc like this one day. Proud moment
It slowly coming to fruition.
Is this building finished in siding?
im not a builder but after certain hieghts, do necessary structural materials begin to drastically drive up costs beyond say 6 to 8 stories?
there are numerous factors, the higher you go the better fire proof materials needs to be which a cost driver. This will be driven by fire/life safety and building code. Concrete and steel will be more expensive than lumber but there are hundreds of developers out there that prefer wood over concrete/structural steel.
I would say that is cost about $260k to $300k per unit excluding lands to build a wood apartment buildings vs. $480-$550k per unit excluding land when you go taller.
The land cost is what the land cost is. The more expensive the lot, the more motivation to add more units and/or more luxurious units that command a higher $/SF.
If you are going to go beyond 7 floors, you are not going to be using wood frame construction, and it’s more economical to go as high as possible for profitability. If land costs are high, going low/mid-rise with a noncombustible construction type (type 1) is going to result in very expensive units. You can better manage costs by going higher and defraying the cost of the land over more units.
It’s difficult for me to imagine mid-rise buildings like The Paramount (concrete structure w/ metal studs) being built today downtown with land costs as they are. High land cost + high construction costs for so few units (I think that the Paramount is 85 units or so) is a difficult sort of project to pull off today.
max number of stories you can build with lumber is 4 stories per the building code, you can always add a level of concrete and created a podium type of construction but then it starts getting expensive. Land costs will continue to trend up, just because your land costs are higher you don’t need to spend more money per SF for luxurious units. The more money you spend per unit the higher rents you will need to charge to make up profits. Land is a small factor at the right negotiated price when it comes to developing. Anything above 5 stories every developer should consider prefab modular systems, mass timber, structural steel and concrete. It’s all about building your project at the right price to get as close as you can in your underwriting to keep your investors at ease. Just my two cents……
5 over 1 construction in Raleigh is typically 5 floors of wood frame over the concrete podium of 1 or 2 floors high.