The Rigsbee rents a 465 square foot studio for $1,499 a month, a 624 square foot one bed for $1,800, and a 886 square foot two bed for $2,675. They even have a 3 bed/2 bath at 1,224 for over $4,000 per month.
Contrast that to The Row which is charging $1,255 for 461 square foot studios, $1,425 for a 672 square foot one bed, and $2,070 for a 1,112 square feet two bed.
If you can get ~160 people give or take to pay the 20-30% premium for the better goods, let me know and I will start building!
It just depends on the individual, some people want quantity and others want quality. There are buyers for BMWs and for Hondas, there is true quality/features differences and the brand perception the explain the price difference between them.
If you look at it from this prospective, say you wanted to buy an upscale townhouse near downtown, the ones on New Bern are going for ~$560K for the two beds at 1,300 SF. After taxes, insurance, and HOA you’re at around $4,000 monthly payment assuming 6% interest rate and 10% down. Now instead you see a Rigsbee quality apartment that is renting a two bed for $2,500 - now you are looking at saving $1,500 per month which means they are putting $18,000 a year into savings. That’s almost $100,000 every 5 years they have to spend on vacations or add to their retirement.
So maybe it’s time Raleigh starts building nicer apartments so people can keep more of their money! Just a different prospective
I’m not going to rent anything, so all I get out of these is something to look at as I walk by. I’ll take the nicer looking ones. Although those ones in Durham made the neighborhood so expensive that Fullsteam’s landlord kicked them out, likely to redevelop the land.
Hadn’t seen this drone video posted here. It’s cool video flying at sunset up from South Raleigh, over Western, down over the new Rockway apartments along Dix, between the two new large Weld highrises on Lake Wheeler, and then over Dix Park playground. I’ll post this on the Dix/Weld topics too where someone often posts drone videos. This one is from someone on the dumpster fire that is raleigh sub reddit.
Per a City Council agenda item during the next meeting, a contract is ready to be awarded for the construction of the Lake Wheeler Improvement Project.
The lowest bid came in at ~$24M where only ~$21M is available for this project, so it looks like some slight modifications have been made.
In accordance with North Carolina General Statute 143-129(b) (Procedure for letting of public contracts), City staff entered into negotiations with Rifenburg North Carolina, LLC to make reasonable changes in the plans and specifications, necessary to bring the contract price within the funds available for the project.
The Engineering Services Department recommends award of the revised project to Rifenburg North Carolina, LLC in the amount not to exceed $21,800,000. This includes a 10% contingency on the scope of the proposed contract.
The revised project starts along Lake Wheeler Road, east of Maywood Avenue between the railroad and Goode Street and ends at South Saunders Street. The total of approximately 5,500 linear feet of roadway improvement includes roundabouts, curb and gutter, sidewalk, multi-use path, separated bike/pedestrian paths, storm drainage features, signals, and pavement improvements. Adequate funds are available in the Capital Improvement budget.
From what I can tell from this statement, the segment of the project to the left of the railroad has been eliminated. Here were the previous design plans:
This is unfortunate, but I suppose I’d rather the rest of the project be completed as planned than the whole thing be downgraded (assuming there are no other major changes). However, I really hope that the city finds some way to extend the MUP from wherever it starts/ends between Goode St. and the railroad to the sidewalk stump at the farmer’s market entrance sooner rather than later. That’s like, 300 feet of missing sidewalk, and a lot of folks will probably not feel comfortable walking or biking on the side of the road next to traffic in that segment as it is currently configured.
That’s pretty disappointing to lose the improvements south of Goode. That looked like much better access to the Farmer’s Market for cars, bikes, and pedestrians with the path, crosswalks, and the traffic signal at Maywood. The agenda item says this is funded by the 2022 Park Bond, I wonder if the final segment could be bid as a separate project from other funds.
Would prefer everything else still go forward than lose the project entirely obviously, but the improvements closer to Maywood are still really needed.
I live close to there and the connection to the greenway would be a big plus - as would reconfiguring that intersection because right now you have two lanes of traffic going both directions and then people turning both left and right coming from the other two directions out of the Farmers Market and Maywood Ave (not to mention pedestrians). It’s a complete mess when it’s a time of day with any kind of real traffic.
Excited to see a contract ready to be awarded though.
I live outside the beltline here, and have biked into DT plenty of times along lake Wheeler Rd. I’m not turned off too much by the loss of scope here, as that intersection is already pretty easy to navigate. It does drive me crazy that we have to design the moonshot Rd improvement and then eliminate a segment, rather than implement a sidewalk or rd diet on the cheap through this eliminated section.
All of this improvement will be nullified in my experience by the fact that lake wheeler Rd quickly transitions to an NCDOT car sewer south of Centennial and at the 440 interchange
I would rather have the full intended renovation of some of it, rather than a watered down version of all of it. This way we can set expectations for the second phase when it’s funded instead of living with a watered down version for decades to come.
The segment to the left is now being constructed as part of a separate intersection improvement project. We were informed/discussed at our work session Tuesday. So it’s pulled out of this package but still getting done.
Welcome! Perhaps lesser-known yet interesting fact, the funding for Lake Wheeler Road improvement project was actually the 2020 Parks Bond . The intersection at Maywood is going to be funded through transportation and roadway budget now instead.
I guess I will take the cheaper looking 5-over-1s if that means cheaper rent.
