# Five Points, East End Market, & Raleigh Iron Works **URL:** \ **Category:** New Construction\ **Created:** [February 11, 2019, 5:25am UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895 "2019-02-11T05:25:22Z")\ **Posts on this page:** 20\ **Page:** 46
**Author:** ![Kanatenah](https://community.dtraleigh.com/user_avatar/community.dtraleigh.com/kanatenah/32/1380_2.png) [@Kanatenah](https://community.dtraleigh.com/u/Kanatenah)\ **Post date:** [November 11, 2021, 5:25pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/907 "2021-11-11T17:25:39Z")
I would not drop $2mm for a house anywhere. Mainly because I don’t have $2mm… ---
**Author:** ![evan.j.bost](https://community.dtraleigh.com/user_avatar/community.dtraleigh.com/evan.j.bost/32/539_2.png) [@evan.j.bost](https://community.dtraleigh.com/u/evan.j.bost)\ **Post date:** [November 11, 2021, 6:10pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/908 "2021-11-11T18:10:23Z")
Not so fast. Don’t forget that turning that land into an approved subdivision requires dozens of hours of land planning, hundreds of thousands in engineering and survey work, multiple battles with the city staff, several complete resubmittals that cost thousands each, and probably 16 months start to finish just to get the lots _on paper_. To physically develop the parcel into residential lots probably over a million in site work and utility work. The lot prices are likely determined by estimating these costs together along with the cost of funds (interest), and adding a 20% target margin to it. The financer will be in first position on turning a profit, so the developer likely won’t record a single profit until the very last 10-20% of lots are sold. It could be 5 years before the developer makes $1 on the lot sales. ---
**Author:** ![dtseabar](https://community.dtraleigh.com/letter_avatar_proxy/v4/letter/d/2bfe46/32.png) [@dtseabar](https://community.dtraleigh.com/u/dtseabar)\ **Post date:** [November 11, 2021, 8:36pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/909 "2021-11-11T20:36:50Z")
purchased in March [https://www.bizjournals.com/triangle/news/2021/03/15/beacon-street-buys-josephus-daniels-house](https://www.bizjournals.com/triangle/news/2021/03/15/beacon-street-buys-josephus-daniels-house) was-raleigh.html House torn down a few months later Fully approved subdivision by September according to the plat. Not much of a battle. I’ll give you the developers putting $1 million into it, so $4.7 million cost plus whatever low interest rate loan they got (if any). Average lot price is going to be over $1 million, so $11 million+ in revenue. No way they don’t turn some major profits after the 5th lot is sold. ---
**Author:** ![evan.j.bost](https://community.dtraleigh.com/user_avatar/community.dtraleigh.com/evan.j.bost/32/539_2.png) [@evan.j.bost](https://community.dtraleigh.com/u/evan.j.bost)\ **Post date:** [November 11, 2021, 11:31pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/910 "2021-11-11T23:31:34Z")
If that is true, bravo to them for getting an approved subdivision that quickly. I’m honestly shocked if that’s the truth. As far as the cost of funds, I doubt a bank would have a higher LTV than 75% on something like this, so unless the developer just had a million cash to put into it there is probably some private equity involved as well which is demanding a higher rate than the bank. ---
**Author:** ![JWH](https://community.dtraleigh.com/user_avatar/community.dtraleigh.com/jwh/32/27_2.png) [@JWH](https://community.dtraleigh.com/u/JWH)\ **Post date:** [November 20, 2021, 3:37pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/911 "2021-11-20T15:37:10Z")
These will not compare to drone pics from @OakCityDylan and @OakCityDrone, but I took some snaps of the Raleigh Iron Works project earlier today. They’re making progress on the Double Gable buildings, but the Bow Truss renovation has a way to go. Looks like they’re building a parking garage of prefabricated concrete. Someone correct me if I’m wrong. ![image](https://d3tmycllq5yp1y.cloudfront.net/original/2X/6/64d805315c91d98de5add8e4bcf98e3dda5b262d.jpeg) ![image](https://d3tmycllq5yp1y.cloudfront.net/original/2X/a/aa36bda1ae7af1a7a433d7d5925e42010429aaaf.jpeg) ![image](https://d3tmycllq5yp1y.cloudfront.net/original/2X/a/aba083d515809d3e98ea4fa520755e676241ceb7.jpeg) ![image](https://d3tmycllq5yp1y.cloudfront.net/original/2X/b/bdceb3ccb28ed77defa5905dd4791221f1ea570b.jpeg) ---
**Author:** ![OakCityDylan](https://community.dtraleigh.com/user_avatar/community.dtraleigh.com/oakcitydylan/32/169_2.png) [@OakCityDylan](https://community.dtraleigh.com/u/OakCityDylan)\ **Post date:** [November 23, 2021, 9:54pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/912 "2021-11-23T21:54:01Z")
Drive bye (get it?) ![image](https://d3tmycllq5yp1y.cloudfront.net/original/2X/4/43b94a135d04a784838d6ff67588996b13b2b1a6.jpeg) ---
**Author:** ![niko](https://community.dtraleigh.com/letter_avatar_proxy/v4/letter/n/91b2a8/32.png) [@niko](https://community.dtraleigh.com/u/niko)\ **Post date:** [December 3, 2021, 9:20pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/913 "2021-12-03T21:20:16Z")
I think two houses are gone now. Sorry no picture today ---
**Author:** ![Drew](https://community.dtraleigh.com/user_avatar/community.dtraleigh.com/drew/32/23896_2.png) [@Drew](https://community.dtraleigh.com/u/Drew)\ **Post date:** [December 3, 2021, 9:50pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/914 "2021-12-03T21:50:32Z")
Not the best quality: ![image](https://d3tmycllq5yp1y.cloudfront.net/original/2X/9/958b1f5e2aa79b40b464f3632ecced3f060124c4.jpeg) ![image](https://d3tmycllq5yp1y.cloudfront.net/original/2X/2/228491f8d8234c32f2bfd505df6cf78c633b43a0.jpeg) ---
**Author:** ![Vic](https://community.dtraleigh.com/letter_avatar_proxy/v4/letter/v/9e8a1a/32.png) [@Vic](https://community.dtraleigh.com/u/Vic)\ **Post date:** [December 9, 2021, 10:25pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/915 "2021-12-09T22:25:53Z")
First phase of East End Market looking close to completion on the outside. Electricians are finishing work inside. ![PXL_20211209_220119220](https://d3tmycllq5yp1y.cloudfront.net/original/2X/5/55b8e70a5cbb95b6f425360380141ad3574f5d77.jpeg) ![PXL_20211209_220235305](https://d3tmycllq5yp1y.cloudfront.net/original/2X/5/5adf6c721b181d6b47cee15a5eab4711cb8b7917.jpeg) ![PXL_20211212_201617003.MP](https://d3tmycllq5yp1y.cloudfront.net/original/2X/1/1f57d3cd2f3c4c893db5e7a408c727f8570cf916.jpeg) Phase 2 demo in progress. All houses North of the townhomes are gone. ![PXL_20211209_215608962](https://d3tmycllq5yp1y.cloudfront.net/original/2X/d/d2364ca055e7d2f59d2106985a31cb2a286e4e93.jpeg) ---
**Author:** ![niko](https://community.dtraleigh.com/letter_avatar_proxy/v4/letter/n/91b2a8/32.png) [@niko](https://community.dtraleigh.com/u/niko)\ **Post date:** [December 12, 2021, 3:14pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/916 "2021-12-12T15:14:56Z")
![image](https://d3tmycllq5yp1y.cloudfront.net/original/2X/f/fc541d714f9d8fe768c00d3b1623fcb80227102b.jpeg) ---
**Author:** ![OakCityDrone](https://community.dtraleigh.com/user_avatar/community.dtraleigh.com/oakcitydrone/32/27409_2.png) [@OakCityDrone](https://community.dtraleigh.com/u/OakCityDrone)\ **Post date:** [December 13, 2021, 6:23pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/917 "2021-12-13T18:23:22Z")
Here’s a few from the other night. Still playing with night settings on the camera, maybe I’ll get it right one of these days. 🙃 ![DJI_0630-2](https://d3tmycllq5yp1y.cloudfront.net/original/2X/e/e9358b2f9783b9a44f1036815d8ec074f627456c.jpeg) ![DJI_0636-2](https://d3tmycllq5yp1y.cloudfront.net/original/2X/3/30532e5cecb80bac1e394625dfa56e4d000c1067.jpeg) ![DJI_0660-2](https://d3tmycllq5yp1y.cloudfront.net/original/2X/f/ff136528068f87cb99fb44dd5cedbaff18d045f0.jpeg) ---
**Author:** ![atl\_transplant](https://community.dtraleigh.com/letter_avatar_proxy/v4/letter/a/a183cd/32.png) [@atl\_transplant](https://community.dtraleigh.com/u/atl_transplant)\ **Post date:** [December 13, 2021, 6:24pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/918 "2021-12-13T18:24:43Z")
That angle of Downtown makes it look so massive space wise in that last picture ---
**Author:** ![GucciLittlePig](https://community.dtraleigh.com/user_avatar/community.dtraleigh.com/guccilittlepig/32/25831_2.png) [@GucciLittlePig](https://community.dtraleigh.com/u/GucciLittlePig)\ **Post date:** [December 13, 2021, 6:26pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/919 "2021-12-13T18:26:27Z")
Great pictures! Terrifying looking down at that first pic and thinking of navigating that intersection! LOL Very cool to see both of our skylines from the same spot. Agree with @atl_transplant that DTR looks massive! ---
**Author:** ![UncleJesse](https://community.dtraleigh.com/letter_avatar_proxy/v4/letter/u/df705f/32.png) [@UncleJesse](https://community.dtraleigh.com/u/UncleJesse)\ **Post date:** [December 13, 2021, 6:27pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/920 "2021-12-13T18:27:02Z")
A traffic circle can’t be installed soon enough. Another moron wrecked last week on the outbound lane. Literally went airborne and clipped the top of a crepe myrtle across from 3rd Place. I’m sure alcohol was a factor but jesus christ, the number of accidents seems to be growing. A 15 year old kid was hit by a car, texting a couple months ago. Fortunately, the driver was on a tiny little Civic and the kid was on his bike which tossed him onto the windshield instead of crushing his legs. ---
**Author:** ![OakCityDrone](https://community.dtraleigh.com/user_avatar/community.dtraleigh.com/oakcitydrone/32/27409_2.png) [@OakCityDrone](https://community.dtraleigh.com/u/OakCityDrone)\ **Post date:** [December 13, 2021, 6:31pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/921 "2021-12-13T18:31:42Z")
Imagine this intersection once it starts building up and there’s a bunch of wedge shaped 5 over 1’s with a big church on one corner. It’s going to have a very European feel to it. I’m honestly surprised that boom hasn’t started yet. ---
**Author:** ![GucciLittlePig](https://community.dtraleigh.com/user_avatar/community.dtraleigh.com/guccilittlepig/32/25831_2.png) [@GucciLittlePig](https://community.dtraleigh.com/u/GucciLittlePig)\ **Post date:** [December 13, 2021, 6:33pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/922 "2021-12-13T18:33:22Z")
The rich NIMBYs who live around there fight that kind of thing tooth and nail. It would be great to see though. ---
**Author:** ![OakCityDrone](https://community.dtraleigh.com/user_avatar/community.dtraleigh.com/oakcitydrone/32/27409_2.png) [@OakCityDrone](https://community.dtraleigh.com/u/OakCityDrone)\ **Post date:** [December 13, 2021, 6:34pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/923 "2021-12-13T18:34:36Z")
Noooo doubt! Extra characters 😂 ---
**Author:** ![oakcityyimby](https://community.dtraleigh.com/letter_avatar_proxy/v4/letter/o/779978/32.png) [@oakcityyimby](https://community.dtraleigh.com/u/oakcityyimby)\ **Post date:** [December 13, 2021, 6:45pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/924 "2021-12-13T18:45:33Z")
Shocking they still have Glenn Ave. dump out into it, too. Even if there isn’t a traffic circle, that should just be a pocket park. ---
**Author:** ![atl\_transplant](https://community.dtraleigh.com/letter_avatar_proxy/v4/letter/a/a183cd/32.png) [@atl\_transplant](https://community.dtraleigh.com/u/atl_transplant)\ **Post date:** [December 13, 2021, 6:46pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/925 "2021-12-13T18:46:31Z")
Yea there’s no reason that this corner shouldn’t be our “wow this is a cool spot” type neighborhood that most cities have. So much potential around there. And @oakcityyimby I think I had started sketching one up for this intersection a while back. I’ll have to look through my files. ---
**Author:** ![John](https://community.dtraleigh.com/letter_avatar_proxy/v4/letter/j/a3d4f5/32.png) [@John](https://community.dtraleigh.com/u/John)\ **Post date:** [December 13, 2021, 6:48pm UTC](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895/926 "2021-12-13T18:48:06Z")
Arguably, Five Points was “cool” before downtown started happening. [Previous page](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895.md?page=45) [Next page](https://community.dtraleigh.com/t/five-points-east-end-market-raleigh-iron-works/895.md?page=47)