They paid $24million* for the dirt in one of the ritziest neighborhoods in the triangle. They were always going to charge crazy prices and they got as much height and density as they were going to be allowed.
*Nevermind, that was in 2006, the aggregate paid by Beacon was certainly much more than that
They blow their gasket over everything.
The loose their minds over the proposed big branch greeneway connector, for crying out loud!
A new affordable housing development was never going to get built here on the scale it needed to make it worth it. The neighborhood would’ve fought hard against it and there’s plenty of influence there to stop it.
To me the missing middle here is not about affordability but about capitalizing on a semi-walkable neighborhood with even more residents. It’s the upper class version of missing middle. It’s not going to solve any housing crisis but it’ll improve the feeling of the neighborhood to be slightly less suburban.
Absolutely, and consider also that even if all of this housing is “unaffordable”, packing in additional supply here relieves demand elsewhere that might impact other areas.
E.g. because a couple is buying a $3.5million 1/8th acre here, they are not bidding up lots in West Raleigh or buying a $3.5million 1/2 acre in North Raleigh where an actual affordable project might compete.
We’ve already seen small multifamily projects get replaced by mansions ITB. I agree with you. In fact, I’d like to see unit supply double if a project is proposed to replace an affordable missing middle structure.
I love this development. It is much more dense than what was there even if much, much higher end. Good housing stock mix, increased property taxes, boost for retail in the area and also very attractive
Rezoning proposes 20 stories and 5,700 housing units north of downtown Raleigh
https://www.newsobserver.com/news/local/counties/wake-county/article316840649.html
Iron Works area
This approval should be contingent on fixing the pedestrian experience across Atlantic.
And it should be paired with walkable resources like a full service grocer, drug store, and other resources so that all of those people don’t have to get in their cars to access them.
It’d be nice if this development fostered better walkability (and a completely built out site that abuts the eventual build out of RIW / Salvage Yard / Wicker Dr ) but, that stretch of Hodges is gonna be a looong time coming feeling amenable to pedestrian use and Capital is never really ever gonna be ‘fun’. More than likely, many more folks taking the trip to Wegman’s…
Maybe they’ll finally build that one in Fenton for me then!
more info paywall/adwall free
That is a ton of housing. Would be amazing but feels like this entire area will need to be completely rethought to absorb that.
We can’t have any more density until traffic problems, war, and hunger have been eradicated.
Seems most 20-story rezonings result in 5-6 story apartment buildings, like Ratchford Dr across the street from this site. So I’m guessing the same will happen here.
Doesn’t Beacon also own 912 Hodges - the old Ice Rink - and wasn’t that supposed to be apartments before they listed it for sale ?
*Edit - their website shows it as apartments w/ 2027 start date, haven’t driven by recently to see if sale signs still up….
Looks like they just submitted for Site Permits 7/1/26. I hadn’t heard anything else to indicate this was dead.
Beacon is a big player so I would guess the sign is more in the vein of “everything is for sale”
“Should” like it should mandated by the city or “should” like it would be cool if the developer did that?
If we are only pursuing density without even trying to address walkability and bikeabilty simultaneously, we are only creating more traffic problems.
To be dismissive about trying to improve walkability and traffic issues by pairing them with the eradication of war and world hunger confounds me.
Why even try to make things better? Why even try to improve our city and its experiences? That’s what I’m hearing.
There are roles to be played by both entities.
The city needs to provide the vision through its comprehensive plans, and play a strong role in clearing the way for that plan to be enacted. They also should be looking at everything holistically when it comes to zoning, infrastructure, fiscal responsibility, quality of life, etc.
IMO, it’s irresponsible to not look at things holistically. As for walkability, I wasn’t born yesterday & realize that cars aren’t going away, and I am not advocating for that to happen. So, if you are worried that I am coming for everyone’s cars, I’m not. I just want more people to have access to more things by foot so that everyone doesn’t have to get in their cars for everything, every time.