Especially with the low-ish ceilings… maybe futsal?
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The city needs to admit that Walnut Terrace was the development blunder of the century and tear it down to start over with TOD that will provide more AH and a mix of uses that will provide walkable resources to the neighborhood.
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I’d recommend going to the NC Housing Finance Agency and HUD to complain how tax credits are allocated then come back and advocate for that. Also keep in mind things were quite different when the project was conceived, there was a pre-existing development which meant relocation of existing residents was required, etc. Not to mention no one really cared about AH then outside of those that needed it. Personally I’d think it would be better to use limited funds to add more projects along planned high-frequency transit routes
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Yes. It only cost $50 million to build. By all means lets tear it down and waste all that money. Some history in photos on the link below.
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I’d bet that there’s more than $50M in wasted land potential that would more than make up for a re-do. There’s a huge need for AH and we hear about it every single day. This is a walkable location to the core of the city that’s huge in area (for an urban location) and there’s so much potential to do more for the community.
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So what you are saying is… Let’s destroy over $50 million newly built housing so that they could build a more denser community that you want for a $100 million. Seems to me it makes a lot more sense to take that $100 million and build it somewhere else and then we would have both of them. Also, half of Walnut Terrace is owned by Capitol Area Developments and not the Raleigh Housing Authority. I am pretty sure they would want to be compensated fully for their property that you want destroyed.
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But but…perfectly good structures are torn down daily and in place fancier or denser things go in. If the numbers dictate, why couldn’t this apply to public investment as well?
Really? Relatively brand new $50 million structures get torn down daily? Oh okay.
It scales about the same as 709 Hillsbourgh St would ($500,000 structure on 1/3 acre vs $50,000,000 on 25 acres, and this not factoring present worth in which for these cardboard buildings will be a rapid depreciation). Maybe a bunch of 10 story buildings tightly built on the site, with mixed income leases, and mixed use ground floors would generate enough income to easily absorb the lost useful life of the current buildings on site. To just stomp your foot down because $50 million is asinine. At least do an alternatives analysis and see.
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But again why not just keep Walnut Terrace and build what you suggested somewhere else? Why erase $50 million just because some of you dislike the project? And I never said it couldn’t be done… I basically said that it makes zero sense. But anyway this debate is pure conjecture and it would never happen. But keep dreaming big.
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A lot of things people cheer for on this board make zero sense. 50 story buildings with no market for such a thing e.g. While we’re at it, why can’t we build 50 stories someplace besides downtown and be happy with it? The land is cheaper and might make it more feasible. We can put in a [real] road grid and transit in new places to support it. The Pickle has shown us the way. I honestly have no opinion on the project and am just playing devil’s advocate. 50 million dollars put on 25 acres of land might be a huge underutilization in this market. I think the reality there is in 10-15 years when the first major repairs start…failed hot water heaters, roofs getting old, pavement starting to wear out…then densifying land already owned makes more sense, and might bear out numbers that suggest replacing units at that time. Also the HOPE grant conditions probably state conditions about this stuff.
Doesn’t need to get any more airtime. They are going to knock it down and build new in the next 30 years. Move on.
This is a strange thread to argue about Walnut Terrace. It’s not part of the South Park neighborhood.
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Which one ARE we talking about Sig? The realtor.com boundary? The historic district boundary? The original plat? The colloquial boundary?
You know, Cargill isn’t in any of those yet its in the title…
Walnut Terrace is adjacent to most South Park boundaries, and other people besides me kicked off its inclusion in the thread.
I just don’t see why you need to call me out for something that happens all the time on this site. Leo does a good job keeping things housed under their best heading but things stray.
Thanks. I try to keep things organized but I’m not going to micro manage it. This thread is still predominantly about South Park so all is good from my POV.
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Not sure if this has already been posted but looks like Merge Capital updated their website with some renderings of South Park I hadn’t seen before. Their site also has a section for Park City South with mostly the same renderings we’ve seen before
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This looks really cool.
But man I’m grossed out by Park City South and South Park names
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Agreed. Is there a Park City North? And South Park? Really?
That black and white, birds eye photo on the website really highlights just how horribly suburban Walnut Terrace is.
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