Also, ASR was approved. Mass grading and permitting currently pending
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Here is a map.
Magenta, 20 story hammell drive mixed use towers
Yellow, adaptive reuse of existing buildings
Green, park city south phase 1A 7 story midrise apartments wrapping large parking deck
Cyan, park city south phase 2A 20 story high rise
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Which group is doing the adaptive reuse section? That could be fun with those old warehouses/garages.
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That’s proposed by Atlas Stark, same developer as the Hammel Drive towers
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Eye-witness confirmation: The piers are in place for the Eastern portion of the Green 7 story midrise. Visible from McDowell heading into DTR.
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Adding on to the above, the other large assemblages in the area.
The Harley-Davidson dealer, which has no proposed redevelopmet at this time, is highlighted orange.
The rest of the Atlas Stark land is highlighted yellow.
The rest of the Kane-controlled land for future phases of Park City South, is highlighted aqua.
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I’m not saying I want the Harley dealership to go, but what I am saying is that the building and its prominence coming in on Saunders would make a SWEET music venue/entertainment space of some sort.
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To add more random thoughts:
- Would love if Atlas Stark adaptively reused the other warehouses along Saunders, and then built a tower on the gravel surface lot along Hammel
- Hoping that the remaining Green land (Kane) continues with more 20+ story buildings, or if they can’t get more height variance, perhaps even a 10-15 story building somewhere in there.
- Gotta imagine at some point in the future, those remaining warehouses along Fuller will be bought up and redeveloped too. Lots of potential here!!!
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These buildings are what are planned for reuse. Single story, mostly brick and glass. Sort of feels like a complex that was added on to bit by bit over the course of 50 years. The two largest spaces appear to each have a neat arched bowstring truss roof. Quirky, interesting.
These are the other buildings along South Saunders. Brick, block, and corrugated metal. Very plain on the outside. Could they be reused, yes, but would it be worth the investment to renovate? Probably not worth the effort because there’s nothing inherrently memorable about the buildings. It would be 100% up to the renovation to make it special - so why bother? I’d honestly prefer even a bland 5-over-1 over these buildings.
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My feeling is that they will be “reused” for the short term future, but in reality this is more of away to generate some income while they sit on the property until it is redeveloped as something much bigger in the future
.
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Does anybody know when the 2nd phase of Park City South (20 stories), is supposed to begin construction? Or is that in the indeterminate future?
After this chatter I went back to check their ASR and its still pending review for phase 2A. TBJ article from March of this year said construction to start end of this year. So maybe expect to see activity mid 2023?
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City of Raleigh has staffing issues. A lot of things are being delays plus the whole capital lending has dried out too.
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Lending hasn’t “dried out”. It has certainly tightened & 8% IR is a good bit higher than 12 months ago, however in markets like Raleigh you should continue to see most projects continue moving forward (maybe a little slowdown here & there) because growth continues to be strong here & most analysts, bankers, & developers expect rates to start coming back down by next summer & settling around 5% in 2024.
Covid was probably the best thing for Raleigh real estate as Silicon Valley is no longer a “requirement” for tech companies. Those early stage companies can make their Series A, B, C rounds stretch a lot further here.
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Maybe but of all the projects announced or in the works we are still awaiting construction on 99% of them.
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The two tower Hammell Drive project has gotten their ASR approval. It is currently in the appeal period. They should be able to file for the site permits soon.
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We’ve talked about this before, but looking around at propeprty ownership down there, I can say with some confidence that, aside from the HOA-governed Wheelelr Crossing neighborhood, Fuller Heights and Caraleigh are essentiailly toast as single family neighborhoods.
This is the extent of properties that appear to be owned by a developer or investor that has multiple properties in the area.
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