Pretty much every city is going through it accept where construction was already planned. Do I am hopeful next year returns things.
I mean it was proposed a few years ago and also took a bit to get going.
This city definitely needs more ibuprofen
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I think high interest rates are indeed the biggest hurdles here. Things are projected to vastly improve by 2026. 2 years away. So the recovery is very gradual. Here is a nice summary of what is expected as it relates to the Feds policy:
Source: Fed holds rates steady, indicates tightening cycle over
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Nashville Vela Project just submitted their final site plan last Friday. I donāt see any movement on the Raleigh side but the final site plans for the Raleigh site were approved 7 months ago.
It is a positive indicator that things are still alive though.
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The Charlotte tower may be 4 stories taller than originally planned, this would make it a 36 story tower.
Source: https://x.com/cltdevelopment/status/1760677304668459233?s=46
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Neat! Now what about ours? Are they still even building it? 
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I really do hope so 
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Just saw this on a Charlotte forum. Iām kinda curious why we havenāt heard anything about the Raleigh building recently.
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Iām guessing theyāre holding out for better interest rates or whatever like several of the projects. Do you know if the Charlotte one was further along? Although it seems like adding floors now would set it back in terms of a timeline to start. 
There is nothing new on their website. Just some pretty pictures with very little substance. 
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Charlotte doesnāt have have the same zoning process and are probably encouraged to build grander and more impressive structures. Remember how long it took the Nexus projec in Raleigh t to rezone to 40 stories?
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Oh you mean like an actual CITY? lol
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Could it be that their numbers donāt pencil out anymore with current rents and interest rates and they are adding the floors in hopes that they will be āback in (the) blackā on their Charlotte project?
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Anyone have any updates on this project or is this sitting in interest rate timeout?
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It has been quiet for a while. The VeLa Uptown (in Charlotte) is supposed to start in Q4 of this year. Maybe the same will be for the VeLa Longview here. That was from an update in December. Weāll seeā¦
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They have started construction on the Phoenix Vela project however that project is co-developed so there was more effort to get that project going, the Raleigh project does not have any partnered developer.:
https://www.multihousingnews.com/ray-vela-kick-off-luxury-tower-in-downtown-phoenix/
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You hit the nail on the head champ ! The rezoning process in Raleigh for Downtown is a real drag puts potential projects behind by about 1 to 2 years and most banks and investors wonāt back $$$$ a major project until its passed the process.
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5 posts were merged into an existing topic: Marbles Kids Museum
Has there been any movement on this project?
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