Federal Capital to Break Ground on Third Phase of Downtown Durham Project18 May 2013, 2:06 am
Construction on the third phase of West Village in downtown Durham is expected to start in June, Federal Capital Partners announced.
The Maryland-based developer is planning 156 luxury apartments in a new six-story building which will be located on the block between West Main Street and West Morgan Street. Upon completion, the project will offer a mix of studios, one- and two- bedroom units. Bell Partners of Greensboro will be in charge of leasing.
Amenities will include a club/lounge area, on-site bicycle storage, secure access, as well as an elevated pool deck. Residents will also have access to the popular and environmentally friendly Zipcars program.
Consisting of the conversion of two former tobacco warehouses, the West Village development is considered to be the largest historic renovation project in North Carolina. According to the Triangle Business Journal, the first two phases have been developed by a real estate company led by former Duke basketball stars Christian Laettner and Brian Davis. The total investment in the project amounted to $170 million.
In 2012, Federal Capital acquired the majority interest in the properties. Built in 2000, West Village I offers 241 loft apartments, 10,000 square feet of retail space, as well as parking. West Village II was built in 2007 and includes 212 luxury lofts, 70,000 square feet of office space, as well as 30,000 square feet of street level retail.
“The next phase of West Village expands the footprint of a key participant in revitalized downtown Durham and provides better connectivity to the heart of downtown,” said Bryan Kane, vice president of Federal Capital Partners. “With strong occupancy at our existing West Village properties and continued demand for apartments in the downtown district, we view this phase as important to our West Village community of residents, retailers and businesses, and also invigorating to the entire city.”
Photo credits: http://www.bellapartmentliving.com/NC/Raleigh/West-Village
Local Developer Proposes New Plan for Mixed-Use Stanhope Center in Raleigh25 Apr 2013, 4:36 pm
Local developer Melton “Val” Valentine has submitted a new plan for a three-building mixed-use project along Hillsborough Street near N.C. State University in Raleigh.
According to the Triangle Business Journal, Valentine is proposing two five-story retail and residential buildings, as well as a 70-foot-tall parking deck. The new development will spread across a 12-acre site known as Stanhope Center, bringing a total of 154 apartments and more than 55,700 square feet of retail space. The Site Group LLC of Raleigh is designing the project, the newspaper reports.
One of the buildings will be located at the corner of Concord and Hillsborough streets. The 70-foot structure will offer 40 residential units and about 38,000 square feet of retail or restaurant space.
Valentine’s initial plan called for the construction of a nine-story building with high-end apartments and retail space on the ground floor. However, the plan has been rejected by the City Council because of its density, so the project had to be scaled down.
The other building will replace the Katmandu nightclub on Friendly Street. It will feature first-floor retail space, possibly a Kerr Drug store, as well as apartments on the upper floors.
In other news, Duke Realty Corp.’s Raleigh office completed 466,686 square feet in leases during the first quarter of 2013. The transactions involved new leases, renewals and space expansions of the company’s office and industrial properties in the Triangle.
“Interest in Duke Realty properties continues to be strong given their superior location and quality,” said Jeff Sheehan, senior vice president of Duke Realty’s Raleigh operations. “Our success in attracting new tenants and retaining existing clients is indicative of the strength of our portfolio as well as our team.”
Hooker Manning and Alban Barrus represented Duke Realty in all of its Raleigh office leasing transactions. Manning also brokered the company’s industrial transactions in the region, along with Jackson Rives of Thalhimer.
Photo credits: The Site Group via www.bizjournals.com
Developers, City Move Forward on $54M Spec Office High-Rise in Downtown Raleigh22 Apr 2013, 7:58 am
Locally-based developer Dominion Realty Partners has joined Charter Square LLC and the City of Raleigh to develop a speculative office project in the heart of the city’s downtown.
Construction on the first of the two Charter Square buildings in the 400 block on Fayetteville Street is expected to begin this fall and take about a year to complete. At 215 feet, the structure will be slightly taller than the Marriott City Center Hotel across the street.
According to the Triangle Business Journal, the cost of developing the 11-story Class A office tower amounts to $54 million. Designed to achieve LEED Platinum certification, the steel and glass building will offer 225,000 square feet of office and retail space, including direct underground parking and an outdoor plaza courtyard.
So far, the property’s leasing commitments total no more than 35,000 square feet. Three of the four tenants are participating in the project: leasing agent CBRE, designer JDavis Architects, as well as the tower’s developer, Dominion Realty. The company will be located in the building to offer on-site management services. Additionally, G Patel of Eschelon Hospitality plans to open a restaurant in one of the structure’s corner floor spaces.
“It is a big risk because it is spec … but I wouldn’t have committed to doing it without that site in downtown Raleigh,” Andy Andrews, president and CEO of Dominion Realty Partners told the newspaper.
The downtown Raleigh area has one of the lowest office vacancy rates in the Triangle. Furthermore, the rental rate in the new building will be $29.50 per square foot, lower than other Class A office properties in the city.
“Charter Square will prove to be another driving force that brings businesses to our community and makes Raleigh one of the most sought-after places to live and work in the country,” said Mayor McFarlane in a news release.
Charter Square is a joint venture comprised of East West Partners of Chapel Hill, Craig Davis Properties of Cary, as well as two Raleigh-based companies, White Oak Properties and Beacon Street Development. The NewsObserver reports that in 2008, the group acquired the 1.75-acre Charter Square lot from the city for $5.28 million. Later in 2010, the developers completed a 550-space underground parking structure at the site, which the city acquired for $25.5 million. The team had also planned the construction of two mixed-use towers, but their plans were stalled because of the recession.
Photo credits: http://www.dominionrealtypartnersllc.com
Austin Lawrence to Develop $40M Mixed-Used Tower in Durham’s Historic District11 Apr 2013, 4:15 pm
The Historic Preservation Commission has approved the construction of a 26-story mixed-use building in the heart of downtown Durham. According to the NewsObserver, the proposed “City Center” high-rise will include 25,000 square feet of ground-floor retail; 70,000 square feet of offices; and 133 luxury apartments on the upper 21 floors.
Austin Lawrence Partners of Colorado is developing the project, which will be located inside the city’s historic central business district, at the former Woolworth’s site between Parrish and Main streets. Last November, the company purchased the site, along with four adjacent buildings which will be incorporated in the new development. Greenfire Development sold the properties for $3 million.
Austin Lawrence President Greg Hills told the newspaper that the cost of the new high-rise would amount to $40 million. Oz Architecture of Denver, DHM Design of Raleigh and Kimley-Horn will be working on the project. Pending further approvals, construction is expected to start in the summer of 2014 and be complete in two years’ time.
In regional news, the Triangle Business Journal reports that the Rams Plaza shopping center in Chapel Hill has recently received its first major upgrade since it was built in 1982. The $1.5 million renovation brought improvements to the building’s facade, courtyard and parking areas.
The retail center is owned by Rams Plaza Associates LLC, a joint venture entity comprised of three investors from Charlotte, New York and Florida. Finley Design Architecture + Interiors was the architect of the renovation project.
In 2011, The Kalikow Group of Westbury, N.Y., Argus Development Group of Charlotte and Carlisle Development Group of Miami acquired the 113,000 square feet property from Madison Marquette of Washington, D.C. for $13.25 million.
The Rams Plaza shopping center is located at 1728 Fordham Blvd. near University Mall and has a 95 percent occupancy rate. The property is anchored by Food Lion and includes Bailey’s Pub, Tire King, Eclipse Tanning and a CVS pharmacy among its tenants.
Photo credits: http://www.alpaspen.com/durham.php
Level Homes Launches National Expansion in the Triangle10 Apr 2013, 7:07 pm
In its first foray outside Louisiana, Baton Rouge-based Level Homes is planning to develop three communities totaling 230 single-family homes in Apex, Cary and Durham. According to the Triangle Business Journal, the company has recently opened a new regional office in downtown Raleigh to market its expansion.
In Apex, Level Homes is developing the Ellington Place community comprised of 52 home lots. The company acquired the 14-acre site in October for $2.04 million and plans to open a model home here this April, which would be the Triangle’s first. Prices are expected to start in the $250,000 range.
The company’s largest project in the Triangle will be located in east Durham. Dubbed Cardinal Oaks, the new community is comprised of 140 home lots with prices starting at $150,000. The houses will be completed in late summer, Level Homes announced.
In June or July, Level Homes will break ground on The Estates at WestHigh in Cary. The community includes 38 home sites spread across 20 acres of land the developer acquired in December for $2.5 million. Prices here will start at $400,000.
“We are a builder that provides homes that customers aspire to buy at all income levels. This comes with a deep understanding of any market we enter, and careful planning of our homes and communities,” said Todd Waguespack, Level Homes’ managing partner.
According to the National Housing Report, Raleigh’s real estate market has shown a 30 percent increase in home sales from 2011 to 2012. Furthermore, the area’s population ranks among the fastest growing in the country.
In other news, Belmont Sayre developer Ken Reiter is planning to build approximately 119,000 square feet of commercial and residential space on North Greensboro Street in Carrboro. The NewsObserver reports that the town’s Board of Aldermen has unanimously approved a conditional-use permit for the project. The construction schedule is yet to be determined.
Dubbed Shelton Station, the new development will include a two-story, 24,000 square-foot commercial building offering office and retail space, as well as a four-story L-shaped residential complex with 94 apartments, 20 of which will be affordable. The project will also provide 170 parking spaces.
Photo credits: levelhomeslifestyle.com