They signed the lease a couple weeks ago and my wife is doing the upfit, so I should have more details soon. They have done a very good job with their other neighborhood bar, so I have high hopes.
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I am gonna drop this here, Leo please feel free to move it.
I had not seen an update on this up-cycling of the building at Bloodworth & Martin for, I believe, a photographers home and studio. So here you go! Looks pretty good to me, what say y’all?
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Yeah just noticed the progress recently. Looks pretty good!
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Thanks @dtraleigh for keeping us organized!!
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This building is catty-corner from my parking lot, so I’ve been watching it go up, and I have to say, I really like it. It looks great!
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Progress continues on Loft3 condo project, the garage footings and structural walls have been poured, next up work on the east wing with the elevator pit and ground floor units.
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They’re putting condos in the middle of SFH??? Obv this neighborhood is going downhill quickly.
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I don’t know about that. It looks pretty flat to me. 
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Everyone in the neighborhood is excited about these condos, except the white home in the upper right corner of this photo probably isn’t feeling the same. They have reduced the sale price of their home $150k in 6 months. Granted homes across the city are seeing price reductions and long sitting times, but that has to sting.
512 Montague Ln, Raleigh, NC 27601 | For Sale ($799,000) | MLS# 10093631 | Redfin
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They probably get that sale closer to fair valuation, after the next price cut.
$950k was a heck of a moon shot…
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disagree - for something that large in a walkable neighborhood this close to downtown, $950k is reasonable…but I might be biased because I also own in this neighborhood
I’m guessing it will sell in the mid to low $700’s based on the 700 Coleman pending listing (A healthy 25% appreciation over the 2018 purchase).
The combination of unsold duplexes like those on Alston Street and slower movement on larger single-family homes suggests that future builders may be discouraged from trying to maintain low-density development near Raleigh’s urban core. While product type plays a role, broader factors like high interest rates are also contributing to the market pricing correction.
If Raleigh’s housing affordability strategy continues as intended, the growing supply of apartments and for-sale units (including projects like townhouse-style condominiums from Stanley Martin and Loft3), it should enable residents to access new construction nearby to employment centers for under $450,000 per unit. This should encourage more in-migration from other places where housing is substantially higher.
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5 Townhouses announced for the 721 E Lenoir Street:(corner of Montague and Lenoir)
Demo permit has been filed: SelfService Public Site
The land sold last month (July 10th) for $875,000 so at $175,000 land basis for townhomes, these are probably going to be in the $800’s+ range for what looks to be ~2,000 SF
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I can’t wait for developers to grow some and not include garages. That might be impossible but I’m staying hopeful.
Permitted street parking must no longer be a thing 
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This one is super interesting. The teardown was built in 2017, so that stings. I was scratching my head wondering why the developer would pay $875k for this property when empty lots or actual condemned homes in the neighborhood go for $225-300k.
It’s the geography. These views will be great, perhaps the best in ER, with the townhomes sitting at the top of the hill on Lenoir and all fronting Montague. We’ll see if buyers are willing to pay for that.
Then there’s the rendering. Are all of the garage doors just open (I’ve never seen a multi-unit townhome rendering with all of the doors open) or are they recessed carports? If the latter, @trueurbanist I think it’s a tiny step in that direction and I like it. The benefit of excluding a garage being cost savings that could keep the homes more affordable, in theory.
E Lenoir is starting to pop 
, now we just need to make sure long time residents aren’t displaced. I firmly believe there is room for everyone in ER. With intentionality, we can add density like this and new residents without forcing anyone out. But I’m starting to get a little worried.
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The Loft3 project is also situated at the top of the hill, though positioned slightly closer to downtown.:
The townhomes at 721 E Lenoir might have their rooftop blocked by the elevator and stair shafts of the condo building’s rooftop.
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Permitted street parking is incredibly hard to get! We live in the area on one of the streets with no restrictions on parking so tons of people who work downtown park there then head to work. Free parking all day!
We don’t happen to have any off-street parking so, if we have to drive anywhere in the middle of the work day, the odds are good that we won’t be able to find any parking within several blocks of the house. My wife looked into setting up permitted parking for the street but the city requires that you have approval from the owners of properties on 8 contiguous blocks including the one you actually want. This is nearly impossible in this area of east Raleigh given the number of delinquent owners sitting on run-down rentals or literally empty houses who are just banking on the property values increasing while they do jack squat to maintain or improve the area. But I’m not bitter or anything.
Before any of our dreams for reduced parking can come to fruition, we have to make better urban places with the infrastructure and functional density to enable more people to live car free or car light. These sorts of townhouses are certainly an improvement to single family homes, but they aren’t getting us to the numbers we need fast enough.
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