Hopefully will get one for the hotel going into the Depot parking lot. 
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Stemming from the Nash Sq thread… I’m fully expecting them to demolish the buildings for this tower, then abandon the project entirely, only for that block to sit demolished and empty for another 4 years, minimum.
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Pretty sure they do mean 2025, if they mean 2026 the TBJ needs to rewrite their article because it in no way says that
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Oops, I meant 2025, sorry for the typo!
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New TBJ article. Turnbridge secured funding for this project. Construction will start right after demo.
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Click “Like” if you are still waiting for a crane before believing this project will actually happen. 
I for one am super excited about this and I BELIEVE!
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$200 million for a tower is serious money. At $650K per unit, I have no idea how they’re making the math work but they must be counting on rents that are absolutely stratospheric.
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this tower will not even deliver until mid 2028 or basically almost 3 years from year and they are counting on rising rents again (and with new apartment starts really slowing down they will be completing their project when few others are) (especially in downtown Raleigh) Great news and financing is the key these days.
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The Managing Director at Turnbridge mentioned in the article that he doesn’t think there’s a lot of downtown projects that have kicked off this next cycle. To your point, seems like they think demand will keep increasing and the supply isn’t in gear yet.
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Applying the same napkin math I used for the Weld thread just adjusting the starting number since these units seem like they’ll run north of $600K to build, each unit would need to generate around $3,250 in monthly NOI. That puts base rent in the ballpark of $4,500+, or close to $5.00 per square foot.
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Any chance that these convert to condos mid construction? As a developer, I suspect that you may have a unique perspective on this.
It’s far more common for a condo project to convert to apartments during construction—something we saw frequently in 2007–2008, than for an apartment development to shift to condos. A reversal in that direction would be a nightmare for the construction lender and a goldmine for attorneys billing by the hour.
When you look at all the newly built $1M+ townhomes and $2M+ single-family homes in Raleigh, it becomes clear that, relative to top-tier markets, we’re still an affordable option for buyers relocating from high-cost cities with high quality of living. I’m really curious if Maeve and Weld will hit their record breaking rents, seeing the rents and amenities at this project will be fascinating! If it does happen tho, a lot of developers will be looking to build this ultra premium rental product.
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so what is the project height in feet of this tower? I would guess 380 to low 400s. Has anyone seen the actual height? This will be a great addition to the skyline and give you your 4th tall building downtown.
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Someone earlier in the thread calculated it at 399’.
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As a comparison, 150 Fayetteville is 400’, which is the 4th tallest building in downtown. This new property will be an excellent addition to the skyline. 150 Fayetteville photo:
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It’s going to be a huge change to Glenwood South for sure, but it will be a little less prominent because it sits about 50 feet lower by topographic comparison.
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Yes coming down capital into downtown this will look massive
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It will because Capital is lower in topography and the building will be the tallest building in the foreground. It will pull the skyline NW of downtown for sure. Now just imagine if the Peace/West assembly was rezoned for a 30 story building! The northern gateway into the city would be transformed, especially with the Smoky Hollow Park completed too.
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