Yes.
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Yes!!!
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If anyone wants to buy Triangle Town Center, itâs listed for sale.
This oneâs going through a conventional broker first, who estimated its value in June at $27.4 - $34.1 million. An appraisal last September came in at $27.7 million, far below the loan balance of $74.6M.
If you think itâll sell for more than that, you could ask your junk-bond broker about CUSIPs 52108MDM2 and 52108MDN0; these appear to be the CMBS tranches with the largest exposure to TTCâs current ownership (indeed, itâs the only loan still left in this CMBS issue), and Iâm sure someone would be happy to rid themselves of it.
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Shady Towers coming soon.
Not sure if better placed here or in the Transit thread but Morrisville is making some zoning changes to spur more dense mixed use development around the areas that will benefit from Commuter Rail in the future. https://www.bizjournals.com/triangle/news/2021/09/01/town-of-morrisville-unlocks-development-options.html?utm_source=st&utm_medium=en&utm_campaign=ae&utm_content=ra&ana=e_ra_ae&j=24921276&senddate=2021-09-01
â The TOD, meanwhile, sits at the intersection of Chapel Hill Road and McCrimmon Parkway. The new zoning envisions a much denser mixed-use hub to support existing and incoming transit options planned for that part of town.â
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Official
Interesting! Itâs about time Morrisville joined the fray in making its neighborhoods more walkable and transit-friendly.
Looks like Morrisville first took this idea seriously in 2014, and added it to their FLUM and approved the zoning change pretty recently, under the radar. I wouldâve loved it if they could build all of this without parking lots everywhere, but since weâre talking about a town that couldnât even make its own fixed-route transit system work, Iâll take what I can get.
Interesting side note: the plans mention three TOD areas, but the âEast TODâ on the northeast side of the McCrimmon/NC54 intersection seems to be the only one with a ton of detail. I guess this would be a nice, targeted way to get things started.
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To be fair to Morrisville, thereâs a pretty nice mixed-use area called Grace Park with ground floor retail and apartments over at the corner of Davis and Morrisville-Carpenter. Itâs also walking distance to Wegmans, Food Lion, and a Walmart Neighborhood Market. It was actually quite cool living there while my house was built. Literally everything I needed was walking distance.
But being perfectly situated in the Triangle IMO, halfway between Raleigh and Durham, and right at RTP and prime Commuter Rail frontage itâs about time they look at some densification. Itâs already a high end hot spot but they could really take themselves a few levels higher with this.
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True, the shopping malls along Davis Dr. are great for walking around in, and they definitely feel less isolated and self-contained than they used to even just a few years ago. With that said, though, theyâre great as mixed-use developments, but theyâre still not transit-oriented; itâs still hard to get to those places without a car if you donât already live nearby.
I personally wish Davis Dr. is taken just as seriously as 54 as a major regional corridor. If they can make it easier and more convenient to move between Cary and Morrisville (and in/out of there) without having to navigate its maze of throughfares, I feel like that would be a major game-changer.
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I used to work at a clothing store and helped a member of the Morrisville town council. This was the â00s. He was anti rail because he thought it would bring crime with it. Like commit a crime and jump on the train to escape type crime.
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It that ainât the most Atlanta thing Iâve ever heard haha thereâs part of metro Atlanta that have even refused busses because âcrimeâ. We all know what theyâre really afraid of what they think itâll bring though which is a much bigger issue. One day more people will realize that an adequate transit option is good for everyone.
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I bet Kane will clone this building for SH3.
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Completely fine if he does, especially if it means itâs finally going to start. Itâd certainly look better near a real downtown.
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I wouldnât be mad, but if he does I certainly wouldnât mind a little more unique of a crown!
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I watch movies. All the crime in NYC jumps on the subway to escape!
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Here is the same building from much further away - intersection of Alamance and Buncombe. I realize itâs hard to see but when the leaves are off the trees it will be very visible from that vantage point. Also, even if you donât like the picture, pretend you do and hit the heart button because I took this on a bike ride during which I got knocked off my bike by a pickup truck.
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