That’s so crazy to me given the state of Downtown and what’s coming to this region business wise. Who’s doing the market research for these investors?!
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It’s a financial consideration and getting financing for condos is considerably more complicated. I don’t know the details but even having this conversation during a recent tour of a downtown under construction tower with a primary stakeholder the same sentiment was present. The residential component of the next phase will almost certainly be apartments, not condos.
If you’re building apartments, you don’t have to lease 3/4 (whatever the actual % is) before you can get funded and start construction. With condos, it’s considerably more complicated to get to a point where you can get funded, unless you’re funding the project privately.
Then consider the complication of individual unit customizations. Nobody customizes their apartments outside of maybe some paint. But faucets, built-in lighting, floorplan changes, etc are a considerable additional burden for a condo development and if you don’t allow those changes to simplify the process, you lose buyers at that level of an investment.
I wish it were different. I really think DTR needs more affordable investment opportunities and that won’t come in the form of townhomes or SFHs.
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Good points.
I wonder if it’s just been deeper pockets or what that allowed cities like Atlanta to have condos basically on every corner in Midtown and Buckhead. Seems like they get built at the blink of an eye.
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Downtown Atlanta has big for residents living there in a dense way for SO much longer than Raleigh. It’s also a larger city so it’s magnified in that sense.
I’m not sure what the process is, but I’ve also heard way easier to get apartment investors, but that somewhere down the road (10 years or more after opening), that apartment bldgs can sometimes start to convert to condos. It’s definitely all about the $ up front and as investors, what’s the quickest way to get a return on your money…And that’s not condos, much as I wish it wasn’t true.
I was on the “interested” list for Nash and stopped receiving any communication from them over a year ago. I think they’d still be emailing us if there was any good news.
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I’ve definitely seen a bunch of former apartments become condos in Atlanta. Most of them are older but there’s been a few mid rises in midtown that have converted.
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I actually really love the crazy look of this building…
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I love the renderings of this small condominium building that’s coming to downtown Durham. Curious to see how this turns out, but love the design elements they’re showing in the predesign. Here’s a link to their page if you all are curious.
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Oh God no. I don’t like that at all. It looks cheap and temporary.
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Never loved first floor condos/apartments in an urban area. Look what happened to the first floor units at the Edison. They had to build out big ugly black fencing and gates to prevent people from trashing the areas, stealing outdoor furniture, and harassing the people that live in those units.
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Technically, given how things are going, Durham will. They have a 32+ story tower and several 20 story projects on the way. They all should be revealed in the next couple of years.
Once Raleigh Crossing phase 1 is done. That’s it. There’s no 20 story tower officially breaking ground this year. Only the RUSBUS even has a chance of going up next year. After that? Salisbury Square is where? They’re doing zero work on that property. Nothing over 10 stories is happening for the next 2 years it seems except RUSBUS.
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We LOVE our first floor condo but it’s probably a bit unique given it’s across from a lot that will never be developed, atop a hill, and at the end of a dead-end street that will never connect.
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Yeah, not much foot traffic next on your unit so that good.
Part of the problem is that the Raleigh planning department is taking forever to approve projects. Salisbury Square hasn’t been approved. I honestly don’t know what is taking them so long to review projects, but it should not take over a year. There should be a provision that if a project has not been approved or denied within a certain amount of time, then it is automatically approved as submitted.
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According to the city’s records, Salisbury Square has been through two rounds of review, with each review having taken city staff less than 30 days to complete after submittal.
First submittal: 6/02/20 Completed: 6/30/20
Second submittal: 12/30/20 Completed: 1/22/21
The second submittal did not fix all of the outstanding issues with the application, so they’ll have to go through at least one more round of reviews (which they have not applied for yet). It isn’t the city that’s holding up this project. The developer doesn’t seem to be in any hurry to get the plans finalized.
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I stand corrected. I just see all of the projects on the development website and there seems to be very little movement on them. Is it the developers slowing things down? Is the planning staff being overly picky in their comments? I don’t know. Being in architecture, I tend to lean towards the city being overly picky.
Cul-de-sac Condo!!! Very RAL…
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I inquired about this project and it seems since the pricing/floor plans are now on their website.
OVER $500/sqf and they’re boasting “Durable and sleek quartz countertops will be offered along with unique tile selections.” Nowhere do they even try to sell this as “luxury” so for >$500/sqf, this one is all about location, and pretty sure it’s stick construction as well.
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383 square feet on the smallest studio! That’s absolutely tiny for this market. I wonder what that sold for?
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image|375x500 This is a building I could see being built on the Marbles lot.
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Would be nice! But it looks like that’s towering about 50 stories haha would be great around Nash Square. I see this being a more subdued type tower on this lot. But still will be a very nice addition!
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