I stated that the project was delayed “a year” according to a source connected to the engineering firm that’s working on this project. That was based on them finding an office tenant, but perhaps things have changed since then.
4 Likes
That was Durham’s wishful thinking on the downtown parking situation at one time.
This probably belongs in the future of traffic thread…
So…when will construction start on this project ??? 
I emailed a contact on this project and asked why not DX-40. Essentially given the size of the block they didn’t see the market demanding the mass that would go with a DX-40 zone and are more comfortable with the financials and building on spec with the existing zoning.
Also, pending city approvals, looking at Q1 demo.
16 Likes
Unfortunately, like the Edison Lofts, it make financial sense for Now Raleigh. If the Edison Lofts were built today they would be at minimum 12 floors not the 6 floors structure we have today.
4 Likes
That’s good news about the demo and that they can start building on spec. Keeping my fingers crossed.
2 Likes
Great update - It would be interesting to know their timeline for the individual towers
1 Like
Market smarket. I don’t know that I believe that reason. I think that they just don’t want to be slowed down by the city at the moment. If they are smart, they’ll ask for a rezoning after the first phase is delivered within the current zoning. Part of me wonders if they just want to get going so that they can leverage the hot market.
6 Likes
Q1 CY, SFY or FFY?..
If the market situates itself just right, Edison could be demolished and replaced just like plenty of other perfectly good buildings. If it gets to say $20,000,000 an acre downtown I think that starts to push up against that. A million factors notwithstanding along with my purely blind guess.
I would say a good 30 to 40 years from now. There’s still plenty of good land to build on but with RUSBUS, Kane Smokey Hollow, Raleigh Crossing, and the Nexus all being build in the two years that will make DTR even more desirable place to invest and suddenly tearing down a cheap 1-plus-5 structure would make sense.
I think all of those 5-6 story things are being built with an eye towards being big money makers in the beginning and disposable not too far down the road.
4 Likes
honestly, not really - multi family is in big demand and very valuable, even more so in downtown core. This complex was sold for $61M in 2017 with 223 units that equates for 273k per door
Yes they might build it higher if constructed today but it is not going anywhere anytime soon
I like that. I also think they should shorten the hotel and raise the Apt bldg. They do a good job with the views to the square. Doing my redesign would improve views to the capitol from there. In the previous century, I worked at the N&O and discovered I could go on the roof with no one every saying anything. I went up a lot. The view is good - I can imagine what it could be higher up. While not a protected view, there are lots between you, you could probably enjoy it for a long while.
1 Like
My point was when the value of the land reaches a certain % of the value of the combined property+structure then, assuming demand is still there, a tipping point is reached (I don’t know when that is in Raleigh or an average prospectus). I think what you just said suggests that sooner rather than later it’d be viable to build an even bigger building with even *more multi family units.
1 Like
And held hostage for Rezoning.
From the city development site… hmm… wonder what’s going on.
|AAD-19-19|215 S McDowell Street|Central|UR 9-19-19
| This item has been withdrawn from the 9/19 Appearance Commission agenda. It will be rescheduled and advertised at a later date. |
|---|
Maybe related to floor height changes?
3 Likes
Reciting my little mantra, ‘Ommm, UDO DX-70, Ommm!
5 Likes
This agenda item was pulled from the Appearance Commission and will be rescheduled. The document suggests inconsistencies with the apartment building design facing Martin vs requirements. I’m sure somebody more educated in these matters can break this down better.
1 Like