We can appeal to the techies who may want investments, and wanna live here and during conferences and events. We gotta use our critical thinking, Miami uses its beaches and Latin American population as it’s ploy we should use our strengths tech.
Using Miami to project what is viable in Raleigh is comical
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True though Austin also has a skyline mostly composed of residential, and I can’t think of a closer comparison.
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Correct me if I’m wrong, but the vast majority of development that I see downtown is residential or residential heavy mixed use. I don’t think it’s comical to see a future where Raleigh will see more towers that are essentially residential. In fact, we have several in the early stages of actually happening, and some that are under construction now.
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Totally agree. But not 40 story ones. That was the nature of the initial comment.
Again, I ask why not? The ones proposed for Glenwood South and in the Warehouse District are already starting to push that limit. IMO, it’s just a matter of time.
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The Raleigh market is not deep enough to absorb 600-700 highrise living units in one bite. That would not be able to get capitalized. I want tall buildings as much as anyone just sharing what I believe to be reality and that is we won’t see a 40+ story building break ground here for many, many years to come. Let’s mark this thread and revisit when it happens.
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I think this is false given the fact that The Weld will add 600+ apartments to the market in 2 years within 1 phase. All the city would have to do is ask for 200+ AH apartments and the developer would have to have 400 or so market rate apartments/condos to pay for the AH units.
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Ok no more to discuss here really. Let’s mark this and I’ll eat my crow when a 40 story breaks ground.
A 40 story residential tower doesn’t have to have 600+ units in it. I have a condo in a 26 story building that only has a maximum of 6 units (1 and 2 bedroom units) per floor, and those aren’t particularly large units. The building has 4 larger, 2 floor penthouses at the top. Considering amenities on the lower floors, a tower like that extruded to 40 floors would end up south of 250 units, and that sort of absorption happens regularly around here. Small parcel towers instead of full block Texas donuts/5over1s could yield a similar number of units. When these big blocks/parcels become harder to assemble downtown, the only way is up.
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You’re exactly right, I completely forgot about small floors being an option. I don’t think it’s unreasonable for the city to ask a developer to provide 500 units though given the market.
Great. I’m standing by
If you are hoping to get 500 units in a single apartment tower you are going to be waiting forever.
We definitely have the market for it.
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Time to change the time of this thread to Omni Hotel? Can’t say I will miss this parking lot.
From Bluegrass Festival today.
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Yep its time now we know what the project will be.
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Omni Hotel AKA : Site 2 & 3 , Convention Center Hotel + Tower.
Sounds kinda cool.
I was thinking about this today. Considering the deep pockets of the builders, anyone have a timeline on the next milestone?
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I haven’t seen any timelines yet, either, but I would think that should be revealed soon. I believe it is expected to open in 2027.
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@JonathanMelton mentioned they already had funding secured. So, if the money is there, I’d imagine that, unlike most projects around right now, the starting date is strictly going to be based on approvals and permits.
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