Everyone’s favorite downtown park has a nice new art installation
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I was in Prague recently and while I like the urbanism and all the great looking 5 story apartments I hated how many of the streets had zero trees or any natural features.
It would be great if we could copy some of the designs/facades for urban apartments.
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The mental image of an Secession / Art Nouveau apartment block dropped onto Lenoir Street is a treat.
Sad how short-lived it and Art Deco were.
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Residential over micro-retail. (Source - Twitter/X)
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THIS is exactly what I’m saying I wished the new Clark St apartment building would’ve included. This exactly.
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If you want to be majority equity in a development, we can build something very similar to this - you just let me know!
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Well… I have SWEAT equity, does that help?? 
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For those of us outside the business, what kind of $$ are you talking? I think many of us have great ideas, but I have not idea about the actual financial side of getting something like that built.
It just depends, most developments are senior debt (bank loan) capitalized at 65%-75% of total project cost. So lets say it is 4 residential units and 4 retail spaces at a total cost of $1.7M - the bank is kicking in $1.1M to $1.3M and the sponsor/investors are on the hook for the other $400K-600K. Then ideally once complete the project is throwing off 8-10% on the equity so free cash flow should be $50,000 after all operating cost, taxes, insurance.
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There has to be a reason why commercial developers aren’t providing micro retail in their developments. Are business models based on landing larger chain tenants? Do codes prevent developers from providing small spaces? In the case of the one in OKC, how big/small are they? When I think small, I am thinking 500 ft2 or so with access to shared restrooms, loading dock, and possibly separately rented storage rooms off a common back corridor.
Micro-retail thrives in walkable neighborhoods and is common in Europe and major U.S. cities. In Raleigh, however, most developments tend to favor larger retail spaces to avoid potential complications. Charleston offers great examples of successful micro-retail, and there’s potential for it to work here. That said, Raleigh’s zoning makes small-scale mixed-use projects challenging, largely due to the time required upfront to get them off the ground. A developer would likely want to control surrounding land to fully capitalize on the appeal of an amenitized area.
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I feel like a lot of the bigger commercial owners just don’t want to deal with more units or owners. If you have a few big spaces vs more smaller spaces then you deal with less people.
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The driving force behind today’s bland, massive, and simplified real estate projects is scale over quality. This is also why a new Walmart can wipe out a downtown filled with local shops.
Institutional real estate prioritizes quantity at the expense of everything else. It’s viewed purely as a financial instrument, stripped of external factors. Private equity prefers to minimize time spent on due diligence, aiming for fewer, larger investments. Instead of writing five $5M checks for individual projects, they’d rather place a single $25M investment. They don’t want a small 500 SF tenant offering coffee and pastries; they want a 4,000 SF tenant with a wide range of products.
In contrast, a resilient city thrives on small businesses that specialize. While they may not be the most efficient, they bring unique character, local decision-making, and keep money circulating within the community.
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Plus it gives potential small mom&pop businesses a more affordable entry in to the market, without having to lease a huge space that they can’t take full advantage off for the first few years as they grow their business.
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There used to be an art deco apartment building on Edenton St across from Christ Church where the large parking lot is now.
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Thanks for all this great info on how the financials work!!
I wonder if we could crowd fund the capital?? Surely the gucci’s could chip in half, 
I really hope the city will do this at the old DOT site. Seems ideal part of whatever developes there.
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We are all getting Fu….ed up with some truth from Raleigh Developer. Good posts.
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I didn’t get this rich by betting on frivolous buildings. It’s all about high fashion for me.
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I’ll say this and then I look forward to more post from people posting things from other cities!
Real estate development is at its best when it transcends purely financial measurements. While profitability and ROI are critical, focusing solely on these metrics often leads to missed opportunities for long-term sustainable growth. Projects that are designed with the people in mind—through walkability, access to green spaces, and integration with existing infrastructure foster a sense of belonging and vibrancy. These developments encourage local businesses, improve quality of life, and maintain the character of neighborhoods, which ultimately enhances property values over time the greatest.
This approach, unfortunately, conflicts with today’s private capital markets, which often prioritize extracting inflated value and cutting corners for outsized profit. It’s disheartening that much of this capital comes from external sources with no real connection to the region, so the impact of investment decisions feels inconsequential to them. As a society, we need a cultural shift away from the consumption-driven mindset that most Americans are accustomed to.
In my view, for great places to truly thrive, the capital should be local, the team rooted in the community, the vision long-term, and the construction built to stand the test of time.
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Charlotte has 2 micro retail spaces centers both with several floors of apartments above. One is called the Winnifred in South End.
Shops at The Winnifred | Charlotte | South End
and this is what the apartment building looks like
The Winnifred | Apartments in Charlotte, NC (thewinnifredclt.com)
There is another one a few blocks away called Centro Square also with micro retail spots.
Centro Square | Axiom Architecture
A third one is under construction now in NoDa neighborhood.
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