You make it sound as though th AC has any authority or adds value
The developer has started their building permits paperwork with the city .
Got some nice pictures of both the interiors and exteriors, and its place with the other buildings downtown
The views from The Fairweather are to the east, not the north. They overlook that substation that will act like a long term view preserver.
You’re correct. I was referring to the buildings to the north of the Fairweather that Raleighwood was asking about. Those parcels are under contract and rezoning is being requested.
Fairweather breaks ground 1/30.
On behalf of the development team, we’d like to invite you to our groundbreaking ceremony on Wednesday, Jan, 30th, 2019 at 3pm! The Fairweather is the first condominium development to break ground in downtown Raleigh in a decade and we want to celebrate this occasion with you! We are 60% pre-sold and estimating a Summer 2020 opening.
Haven’t like a half dozen condo developments been started downtown in just the last year?
Everything recent has been townhouses and apartments, this might be the first condo building since the Hue (which had to convert to apartments) or Bloomsbury Estates (which had to be liquidated) so it’s understandable why it’s been so long.
$400k for a condo in DTR or Downtown San Diego. That is insane. Either the San Diego market is undervalued or Raleigh’s is overvalued.
The Fairweather is extremely expensive in my opinion, especially given its relatively transitioning location/surrounds. I was curious what you get for 400K in San Diego, so I poked around on Zillow. It seems that you can get about 700SF of uninterestingly finished condo in a nice location. Nonetheless, it’s a much larger city with more to do downtown. Despite its price, I suspect that The Fairweather finishes will exceed those of a similar price in San Diego, but I’d totally expect that to be the case.
Looking closer to home, it’s priced right in line with other new condos of a similar level of design. Durham has these popping up all over the place on the periphery outside downtown proper. Compare a 2 bedroom at Leyland Post for 589k to one at the Fairweather for 535k. The Bartlett’s 2 bdrm units of comparable size range from 550k to 670k, while 1 bdrms range from 370 to 440k. Phil Szostak’s working on a new condo building beginning in the 900s. We are finally starting to see urban residential buildings that are designed by quality local architects, and there’s a premium associated with that. I don’t think the Fairweather is outrageously priced. It’s certainly more than I’d want to pay though!
While it seems like the Fairweather is on the edge of downtown it’s actually in a really prime location (save for overlooking the substation.) It’s a quarter mile closer to downtown than I am and I’m able to walk to everything in downtown (and or on Hillsborough) in around 30 minutes at most. They’ll be a 5-10 minute walk from the warehouse district, Red Hat amphitheater, Fayetteville St, parts of Glenwood and Dix Park. And with all the development going on in SW DT there’s only going to be more to do.
Hopefully the Fairweather and its sister development on the same block will spur the creation of the West St. underpass and connect the Warehouse District to the Cabarraus/South St district.
I’m selfishly a HUGE proponent of the West underpass and anxious to hear some progress there. I think Kane will be the one to get that project back in motion.
From experience, I can tell you that these small condo buildings in Durham with very few units are going to be VERY expensive to maintain per unit.
That said, I do think that there’s a pent up demand for more condo projects to be built in Raleigh. The team behind the Fairweather probably struck at the right time to take advantage of the market.
There’s at least one other condo project in the hopper, the South Street Condos (aka the big hole in the ground) which changed from initially apartments to condos. I’m interested if other things like phase 2 of the Bloomsbury Estates will ever be resurrected as the condo market re-emerges.
Pretty sure there is no more Bloomsbury phase 2. Portions of the land were switched to the railroad companies for track alignment easements?
Yeah I’m pretty sure it’s as dead as Jacob Marley, although I would love to see it resurrected, but I couldn’t think of another condo project that was in planning back before the great recession.
(I’m sure the current residents of Bloomsbury wouldn’t be in favor of it being built at this point either)
The aesthetic for urban houses, condos, and townhomes has radically transitioned in the last 10 years to a much more modern design language. Given this, I find it doubtful that Bloomsbury phase 2 would happen as initially planned. The South Street condos is more in line with what the market seems to be demanding now, and they seem to be more aligned to the prices that buyers are willing to pay for that sort of product. Given that land area in DT Raleigh keeps getting more and more expensive, I’d expect the majority of the condo product coming to DT to continue to go higher in design and finishes quality. I’d also expect them to continue to offer more tailored amenities and programs other than pools and gyms.
I’d just like to see some stronger locations for these projects other than ones that are on the front end of neighborhood transition and overlooking an electrical substation.