lol this thing is never gonna get built at this rate. As of November it was supposed to start “early 2025” - running out of time on that one
Their building permits have not been approved yet.
With Raleigh’s luck, we hit a self-inflicted recession and the project gets cancelled while we’ve been sitting on our hands.
Does Raleigh not have a velocity permitting process? Does the city not prioritize the sort of projects that are revenue positive to the city? or…does this just go into a queue with Bill and Sally’s sunroom addition on their house in Quail Hollow and waits its turn?
Plant me firmly in the camp that says there’s an urgency to prioritizing meaningful change, and the opportunities that align with it.
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@JonathanMelton Do you know why there seems to be an issue with this project?
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Same as every project, interest rates, costs of materials, absorption of recently-delivered rental units. To level-set expectations, I would not expect any major private project (larger than a 5 over 2) to start for the next 1-2 years, assuming we don’t end up in a recession. Then it would be longer. Of all the projects, this one might be closest to happening because I was told they locked in their sub contractors at guaranteed costs but they still have to be able to pencil the rents.
Good news is, the city has the Red Hat project, convention center expansion, and Omni hotel that will proceed.
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Does the RUSBUS tower count as something that may not start for 1-2+ years?
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I have no information about the private portion of that project other than they couldn’t get it to pencil with the AF requirement and they were going to request a zoning condition change to allow a fee in lieu instead.
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We just confirmed that change was submitted last week, so it appears that project is still in motion.
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I’d add a word of warning that the subcontractors have to be able to afford the costs too. During peak COVID cost craziness some subs had to just break their contracts to avoid bankruptcy. I hope we don’t see that but tariffs on everything for reasons* definitely don’t help
*Fox News grandpa drinking too much diet coke
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I’m told the go-to phrase for the past 2 years was “survive until 2025” but interest rates didn’t drop as expected, and now the economy looks…erratic.
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Yep - and all the tariffs will bump construction costs even more going forward, putting more projects at risk or at least on hold.