The building has been sold for $34 million with plans for redevelopment. The Creamery building should stay, per current plans, but the more recent apartment add-on and the parking lots will go. This also includes the buildings on the corner of Glenwood and North plus the small gravel lot at 501 North West Street.
New York City-based Turnbridge Equities paid $34.7 million for the nearly-century-old Creamery building and two adjacent parcels in downtown Raleigh’s Glenwood South neighborhood earlier this week. The seller was Chicago-based Northpond Partners.
Altogether, the portfolio features 3.3 acres at 400 and 410 Glenwood Ave. and 501 N. West St. and includes the old Creamery building, a 2-story mixed-use building that dates back to the 1920s.
I talked to this developer team a little over a month ago during their due diligence period on the property. They have big plans. They don’t plan to touch the creamery building in the foreseeable future, but they were thinking they would seek 40 story rezoning for the rest of the property, tearing down the building Heat gym is in along with the apartments and offices behind the creamery to make way for 2 large towers.
I’ve always envisioned those parking lots to be developed with a tower or 2 someday, especially with the tall-ish condo tower across the train tracks. Glad to hear the Creamery building itself will remain (it’s historic, and IMO shouldn’t be touched). The Heat gym buildings are at least a friendly streetlevel presence, so in a perfect world I’d love if they kept the buildings/facades intact and just developed over them, but they would not be a huge loss as compared to the Creamery building itself. I’m honestly MOST interested to see how they plan to develop that super skinny lot along West St between the train tracks…
Glenwood South is well on its way to rivaling Fayetteville street if Kane goes 40, this goes 40, and Zimmer goes 40 (though not technically Glenwood South). This will significantly expand the strength of the city’s west side.
Exactly what I’m thinking when I say I hope they at least keep the facade, or even better, the whole 1 story building intact and build up over it. Keep the street level charm AND add to the skyline. Win-Win IMO
This will be a nice string with the Clancy and Theys, Cabarrus, West extension, Smoky Hollow/Zimmer as you mentioned, and this. This is really shaping up to be another major node for our city. However, I think focusing more towards Harrington and the tracks by Capitol is also a good idea as it is underutilized and keeps the “character” of GS.
I don’t think a 40 story building on this block would be appropriate or be approved. Perhaps up to 20 stories could work along the West Street side of the property, but anything above 10 stories fronting Glenwood Avenue in my view would be way out of character for the neighborhood.
I would think that a thoughtful development would push taller aspects to the eastern side of the property adjacent to the RR Tracks. I’d expect that the corner of North and Glenwood is likely to at least mimic the Gramercy across the street. I agree with @jasdelaney that 40 floors across that entire block would not feel appropriate within the existing context of the street. As for whether 20 or 40 is the right number of floors, I think that a lot of that matters on what is the building use. A 40 story residential or hotel property wouldn’t be double the height of a 20 floor office building. Use Skyhouse as an example. It’s what, 23 stories? It certainly doesn’t feel all that tall compared to its neighbor, PNC.