No no..
you bring up very valid suspicions.
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I wasnât going to say this specifically, but I was certainly thinking it. Iâll add that insurance companies have gotten very good at identifying insurance fraud. Itâs always possible that they have no intention of getting insurance from this and, if they were to want to get money out of this, put up a GoFundMe to capitalize one last time.
Thereâs no way Iâd donate to the GoFundMe without specifics as to why theyâd want to rebuild when itâs just going to get demolished in the next few years.
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249 people arenât too concerned 
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Yeah those people are idiots lmao
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See ANY cranes in East Raleigh? Compare that to NH, West Side, IronWorksâŚdonât even have to look at cranes. Simply drive by these areas & see the construction. Ignoring issues like the bus stop, Moore Square homeless issues as a culprit is sticking your head in the sand.
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I think you severely underestimate the gross levels of capitalistic self indulgence we are all living in. If thereâs money to be made, developers wouldnât think twice about constructing a 20 story apartment building on a parking lot. Moving it a few thousand feat further down West Morgan Street wouldnât make them move any faster. The lack of progress with this building has absolutely nothing to do with itâs location or your seemingly indisposition to homeless people.
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This is pretty naive. East Raleigh doesnât have âcranesâ projects. It has SF homes and townhomes like crazy, as youâd expect in residential areas.
No one is building a tower in five points. Apparently, you canât build a townhome there without getting sued.
Letâs resist the temptation to paint with a wide brush please. Saying âzero projectsâ have broken ground means youâre out of touch. Do your homework before posting please. Also, itâs not a contest, itâs a city, itâs a region. We need to think of things that happen here, rather than infighting.
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What often goes unseen is the momentum behind a development. Large real estate projects are like a freight train, they require significant time and effort behind the scenes to get moving or come to a stop. The tower crane going up today isnât the result of decisions made two or six months ago. Itâs the culmination of over two years of groundwork involving investors, banks, and construction partners, all working together to bring a complex project to life.
When a project like VeLa stalls, itâs rarely due to a single issue. Instead, it reflects a combination of factors, such as early indicators of less favorable market conditions or underperformance of recently completed projects. For example, RIWâs The Forge offering concessions of $1,000 and two months of rent in suggests demand hasnât even remotely met expectations.
The data underscores a broader trend that will be realized in about a year; construction starts are down across America, across all asset types! Of course, there are exceptions, projects with unique characteristics or backed by capital providers with different return profiles, but the overall landscape reflects a cautious market recalibrating to new realities.
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Why knock developers and capitalism? If they had their way in your example, weâd have a nice high rise and one fewer parking lot, more people would have homes, and the developers and their contractors and employees would have a nicer life for their families.
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Iâm not knocking it, at least as they pertain to this project and ones like it. My point is that no developer would pass up achieving all those things you outlined, as long as it made them money obviously, and acknowledging that location is far down the list of factors when your talking about a downtown core as small as Raleigh.
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Shocking
Itâs in the Moore Square thread
I put it here intentionally. Some folks seem to feel East downtownâs ongoing issues with the bus station, vagrants, etc are not an impediment to developers.
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Some of you owe your favorite Uncle an apology. Iâm still confused by the need to run defense for the shit behavior that constantly happens around Moore Square and the bus station.
We can all agree itâs a problem without comparing ourselves to Detroit.
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nobodyâs defending shit behavior, theyâre saying itâs laughable that developers would clutch their pearls at every stabbing or fire that happens within a mile of their sites. if that were the case, nothing would ever be built ever, anywhere.
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Over the years my wife and I have witnessed our share of what appear to be drug deals taking place in literally this Marbles parking lot. Quite a bit more than anywhere else in DTR.
And yes, location does matter quite a lot, when it comes to real estate, even at scales of a mile, half mile, or less, when youâre talking about walkable areas. An experienced real estate investor, even from out of town, would absolutely not consider âDowntown Raleighâ to be a homogenous, monolithic market, where every potential development parcel is exactly as good as the next.
I donât necessarily think this location is the only thing that is causing this project to stall. Itâs always been a hugely ambitious project. Arguably the nicest resi tower ever approved in DTR, raising the bar - financing was always going to be tough.
But location probably is a factor. A super ambitious project on the eastern fringe of what feels like the lively part of downtown, with well publicized issues with either actual crime, or at least a reputation of crime - you can bet that investors pouring tens of millions of dollars into something like this will do their homework, and be aware of it.
This project, if it gets built, would be a huge deal for this part of town. Iâm cheering for it! But developers arenât doing this so they can bring neighborhoods to the next level, they are just trying to make money.
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I donât think it has anything to do with crime, maybe the market isnât strong enough here. Plus as one person has already mentioned there were restrictive zoning codes to hinder development which I highly doubt will be removed even with the new council.
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I guess this thing is dead in the water? The developerâs site still indicates that something is going to happen but there are no timelines. HmmmâŚ.
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Iâd take that with a giant boulder of salt. Theyâre literally just putting any/all âplannedâ projects on there, whether or not theyâre actually going to happen.
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