Oh yeah. There is a plan to dress them up.
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I really hope Smokey Hollow incorporates more office than just the one building of phase 2. Maybe he’ll do a large office tower at the rumored phase 4 location? I went to lunch on Glenwood South a month ago and they are seriously missing the sidewalk traffic in the middle of the day. Felt like a ghost town.
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The hearing for zoning for Phase 3 is Tuesday at 9am. I have no idea how this process works. Will it be approved / denied then or is that just part of the approval process?
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Not sure but I’m planning to attend.
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700 is a massive number for residential units.
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I think it’s a pretty good spot for a large building but wonder how traffic will end up given that the site is essentially wrapped by an exit ramp. Harrington is really the only spot a parking garage could exit to and that’s going to be backed up by the Peace light. I think functionally it’d work better on the Wake County general services site but obviously that’s not in play here.
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I think that Johnson is an even better option for entrance and exit from such a parking garage. Even then, it’s a huge challenge to put a huge building inside that square loop exit. It will be especially challenging during morning rush hour with all of the state employees coming down Capital from the north.
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Or both Harrington and Johnson. In from Johnson, out to Harrington. But it could be a real cluster and it may be something that could hinder approval. I’m already wondering how this new intersection is going to work when Phase 1 opens much less 2 and 3. Backups on Capital could be a real mess. I support the variance as I trust they will figure this out.
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Does anyone know how many residential units phase 1, 2 and 3 combined will bring?
Answered my own question
Phase 1: 417
Phase 2: 280
Phase 3: 400-700
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Has Kane said that phase 3 is definitely residential? I would think a final decision would be made after they know zoning restrictions.
This project alone will add between 1100-2000 ppl/sm to downtown proper. It’s getting increasingly easy to imagine DT Raleigh proper having 20,000 residents in its little more than 1 square mile.
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Has Kane developed condos anywhere to date? Just curious. They are adamantly opposed to the idea for the W Cabarrus project. I think they’d get more buy-in from the neighbors if it was condos vs apartments.
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I wonder why they are adamantly opposed to the idea of condos? Maybe they just don’t want the extra layer of work that’s required to go under contract with individual buyers? Maybe they see that process as slowing down the project delivery? Maybe apartment are just too profitable in today’s market?
I doubt they are adamantly opposed to condos in principle. They are probably adamantly opposed to committing to condos at this point. They do not want to put for-sale units as a condition of the rezoning. They want the flexibility to build what the market demands and what can be financed.
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That’s actually how I initiated the question at the CAC meeting. Something like, “Knowing Kane’s history of building apartments vs condos, is there a determination if Phase 3 will or could be condos.” Undecided.
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The reason given was related to financing the project. I’m assuming they don’t want to deal with the conditions to secure financing for an owner-occupied building (i.e., having to presell a certain percentage of units).
Given that reasoning, I highly doubt they will go with condos for a 700 unit building if they won’t do it for a 500 unit building.
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20k will take a long time still but 10k is going to happen very soon. Pretty impressive considering Charlotte just cracked that mark for Uptowns density. Obviously Uptown is more land area but still.
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Rentals beef up the long term portfolio. Condos are one and done profit. Kane has developed immense financial leverage by building and owning all of his property residential and commercial.
Kane has actually sold his residential rental buildings too. There has been quite a secondary market for stabilized apartment communities lately. the payouts are quite large and the construction financing for apartments has been abundant. Less so for condos.