Who is the developer? What’s the project name? Any idea of price points?
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damn, this dates back to 2018.
I thought Five Horizons was no more… if y’all recall, they became Merge Capital, and were behind the ambitious concepts for Park City South and South Park. Interestingly, the Five Horizons website is back online while I can’t find the Merge Capital website anymore.
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Yea it’s confusing, they’ve owned this lot for a while. I wonder if they went through legal trouble with their HVAC issues on Oak City Overlook(I think that’s the name) on New Bern. Those look to have corrected the problems and should be on the market soon.
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I don’t think that was Five Horizons? Can’t find any mention of them anywhere. It seems like the builder Verde Homes may have been the developer on Oak City Overlook.
Five Horizons is behind Oak City Overlook and Vista - Verde is just the builder.
Verde is the builder and developer of Oak City Overlook and Oak City Vista up the street at 908 New Bern Ave. 801 New Bern Development LLC on the tax records is Verde.
I guess technically you’re both right, but 5 Horizons submitted the plans to the city as the owner and developer, then shortly after breaking ground or getting approval, they either sell or create a small company that only manages one job. They’ve done this on several projects and I’m not exactly sure why, maybe someone can explain it to me, I just figured for tax or legal reasons.
Curious. I guess 5H bought the properties, got the new plats done, got all the initial approvals done and sold it off in full or partially. Maybe he is just acting as land developer vs building developer.
Either way I bet these new units are in line/similar to the other two projects.
- Each site has a different ownership structure, namely different investors who own different amounts of each project
- Each site has isolated legal liability, should something go wrong
- Each site has separate accounting
Looks like the bank thought 4 yrs to build 20 condos was a bit ridiculous. The bank called the loan on Oak City Overlook and it’s now in foreclosure. Even though it’s pretty much completed. Charlotte Business Journal has a write up on Verde filing for chapter 11 back in Oct. Verde has liabilities ranging between $1M-$10M.
Oak City Vista up the street was also foreclosed on.
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now do that Peace St Condo building next lol
This is very interesting situation, both the Oak City Overlook/Vista websites were taken down recently. Also there is a fence around the whole property at both 801 and 908 New Bern projects that they put up yesterday - no workers around since.
I thought it was weird they put a fence up when 1/2 the units look to be ready to close any day.
Falcon’s Point at 311 N. Tarboro (next to St. Aug’s) has moved to under review
https://community.dtraleigh.com/t/the-raleigh-wire-service/748/2275?u=oakcityyimby
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Looks like they’ve changed the design slightly as well. Minor site work was being done last week when I drove by too.
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4 retail spaces?? 
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I really hope this gets built 
Too tall, think of the shadows.
DMV site purchase approved by Council today. Affordable housing part of the plan.
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“All members should have personal experience or strong knowledge of the needs of Raleigh’s Black/African American community,” according to information provided by the city.
Why would this “focus group” for the redevelopment be limited to african-americans only?? WTH?!!
There are other ethnicities that have considered East Raleigh home for a long time including white, hispanic, & asians.
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