The L still has empty retail.
I expect spaces in the Platform to remain empty for a while unless they offer significantly discounted rents compared to other downtown properties. I don’t know when phase 2 is supposed to start, but the construction from that alone will make it tough for at least the spaces on the east side of the building.
AND forget trying to get to Boulted Bread right now. The parked cars and construction traffic are insane. Also a huge portion of Cabarrus has been closed for months now to both pedestrian and vehicular traffic. Not good for getting a business up and running, that’s for sure.
It’s one step up from a mobile home in terms of design. Gosh-awful looking building. They could have done way better on the aesthetics of this project. I hope this does not become a theme for new development in the Wild West end.
It’s Kane’s revenge on Boylan Heights. But, then they would say “imagine 20 stories of that”
Wasn’t there an initiative like 15 years ago to attract new business downtown? I felt like there was certain tax breaks and grants they were giving out. Would love to see something like that again to keep filling out downtown retail.
But with how much rent is and interest rates on business loans are stupid expensive, it’s going to be slow going for retail growth.
Fence went up on West St today in front of the train mural building. Maybe phase 2 will start soon? Haven’t heard anything in our monthly project updates.
Is this building being preserved?
No.
eeeeeexxxxtra characters
The L is mostly fully utilized retail wise except for the one spot right on the corner. It has never had a tenant but all the other available retail space has been in use for many years.
It’s the marquee spot though and it’s never been filled which really kills the street level experience. Can’t think it’s a great financial decision either to leave it open. Hopefully the hotel across convinces something to move in.
No one else seems to struggle to fill their primary spots. Just thinking around there, there’s small places open (like at the Dillon) but everyone else has filled their most important spaces.
Lots of empty retail open all up and down Fayetteville St. Probably around half of retail spots are currently vacant. There are one or two in the new buildings that have also never had a tenant. Pendo has no retail tenants as of yet.
It faces a surface parking lot, the parking entrance of a government building, and a construction site. Not exactly a foot traffic hot spot. It’s mostly seen from cars.
I think something as simple as a decent coffee shop on the ground floor would make sense. I remember last time I was in Charlotte I stayed at their version of SkyHouse and one of the buildings had ground floor coffee shop. Seems it’d be very convenient to all the residents? 
Yeah but they probably want like $20k a month in rent for that corner spot, and that’s a lot of coffee to sell.
Well in that case, time to bring this one out:
I find this so frustrating and it gives me some doubt in the idea that supply/demand alone will solve affordability issues. It’s the same issue in Durham – a lot of the new retail has sat vacant for almost five years (Durham ID building, One City Center). You’d think greater retail vacancy would drive rent prices lower – it’s supposed to, in theory – but instead, what we end up with is empty storefronts and then new development chickens out and doesn’t include retail at all. There are entire corridors like Mangum and Ramseur/Pettigrew (I wouldn’t be surprised if this has the highest residential density in the Triangle – it’s massive superblock after block of housing) without ANY retail being included, and it’s this weird situation where the place feels deserted and there’s no street life. If these developers are making their money off the rental units and can afford to keep the retail vacant, why not just drop the prices on the commercial space? It’ll make the housing far more attractive.
EDIT: I think the issue is not just cost; I also suspect that few businesses want to be in soulless 5-over-1s if the historic commercial buildings with “character” are charging the same. It’s interesting that businesses prefer to move into run-down buildings and pay the cost to renovate rather than take up a move-in-ready spot. See: Oscar Diaz of The Cortez’s new venture that just opened. I think if these places were designed more thoughtfully, it would help vacancy so much.
Many of the empty spaces in new developments in Raleigh are unfinished (e.g., L corner space, spaces on West St in the Dillon). It presents a real cost/benefit conundrum. Is the benefit of being able to build out the space exactly how you want it worth the cost on top of premium rent?
It will be interesting to see if any of the retail spaces in the Platform will be finished to any degree. Kind of doubt it, though.
Can someone refresh me on what platform phase 2 is supposed to be? I think I remembered a cool looking office building in a render but it mightve been another project.
More apartments like phase 1. They abandoned office due to market conditions.
You’re right, I shouldn’t have said “move-in-ready.” But many developers provide a pretty generous allowance to contribute to upfit costs. And even if they don’t, these spaces at least tend to come with the necessary infrastructure such as grease traps and modern HVAC installed, which is the largest chunk of cost for a new businesses. I’m comparing this cost to, say – taking a run-down early 20th century space, demoing it, and converting it for restaurant use with all the required infrastructure. In that case, the up-front investment for a business would be much higher, but people are doing it anyway because the potential pay-off in terms of character is more desirable. That’s my take, anyway.
