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Pittsboro Approves 7,120-Acre Master Plan and Rezoning

11 Jun 2014, 8:16 pm








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by Adriana Pop, Associate Editor

In a 4-1 vote, the Pittsboro Board of Commissioners has approved the master plan and rezoning request for the 7,120-acre Chatham Park mixed-use development project proposed by Preston Development Co.

According to the Triangle Business Journal, plans call for up to 22,000 new residential dwelling units, 22 million square feet of commercial, office and retail space, nearly 2,000 acres of parks and open spaces and a web of roads and paths to connect its residential neighborhoods, high-tech employers and village centers with historic downtown Pittsboro. Within two years, Preston must also submit more detailed plans for tree protection, landscaping, transit, affordable housing, development phasing and public facilities, including police, fire, schools and town administration.

The multi-phase project is one of the largest mixed-use developments ever proposed in central North Carolina. Over the next several decades, it is expected to reach the size of Research Triangle Park and increase Pittsboro’s population from 3,800 to more than 60,000 residents.

The first tenant to break ground at Chatham Park will be UNC Hospitals, the newspaper reports. The Chapel Hill-based hospital system plans to begin construction on a 25,000-sq.-ft. medical office building at the intersection of U.S. 64 Bypass and U.S. 15-501 in August.

In a partnership with Strata Solar of Chapel Hill, the developers of Chatham Park will also begin construction on a $90 million, 20-megawatt solar farm.

“Unquestionably, this is the next logical extension for the general Triangle region whose population is expanding by 50,000 new residents each year,” Tim Smith, co-owner of Preston Development Co., said in a new release. “We look forward to creating a world-class community that will provide tremendous economic and cultural growth for Pittsboro, Chatham County and the greater Triangle region.”

“Our objective is to create an extraordinary, sustainable environment that attracts companies, people and jobs to a well-planned, vibrant community that preserves the natural serenity and cultural uniqueness of the area,” added Preston co-owner Julian “Bubba” Rawl.

Photo credits: www.prestondev.com



Crescent Communities’ 300-Unit Apartment Property in Durham Opens This Month; Franklin Hotel to Carry Hilton’s Curio Boutique Hotel Brand

5 Jun 2014, 2:22 am







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by Adriana Pop, Associate Editor

The Crescent Ninth Street multi-family community in north Durham is scheduled to open this month, the Herald Sun reports.  

Developed by Crescent Communities of Charlotte, the new apartment complex at 749 Ninth Street offers residents easy access to a variety of nearby shops, restaurants, bars and workplaces. The property, which broke ground in 2012, features a mix of more than 300 studios, one-, two- and three-bedroom units, with rents starting at around $1,000. Amenities include a resort-style saltwater swimming pool plaza, a 4,000-square-foot athletic club, grilling stations, gaming and entertaining areas, a bark park, bike repair room, media room and business center.

Designed to achieve LEED certification, the community incorporates a series of green building practices, including a recycling program, low-water fixtures, energy-efficient appliances, sustainable landscaping with native vegetation and reserved parking for energy-efficient vehicles.

Crescent Communities is also developing a 208-unit complex called Crescent at Main on 15th Street, near Ninth Street.

According to Ben Collins, vice president of Crescent Communities, there is a high demand for Class-A apartments in this area of the city, where at least four other residential developments are currently under way.

“We would say this Ninth Street submarket in Durham is perhaps one of the most under-served submarkets in the Southeast,” Collins told the newspaper. “Obviously Duke University and Duke (Medicine) are big drivers for that market, but we’ve seen really resident (interest) from all over the Triangle,” he added.

In other news, the Triangle Business Journal reports that the 67-key Franklin Hotel in Chapel Hill will be among the first five properties to carry Hilton’s newly launched boutique hotel brand Curio.  

Owned by Chapel Hill-based Wintergreen Hospitality, Franklin Hotel is expected to join the collection in late 2014.

Focusing on independent hotels that offer a sense of place, the Curio brand is similar to Marriott’s Autograph Collection of unique properties.

Other hotels making up the initial batch of Curio properties include SLS Las Vegas, Hotel Alex Johnson in Rapid City, South Dakota, the Sam Houston Hotel in Houston, as well as a newly built project set for completion in late 2016 in Portland, Ore.

Photo credits: www.crescentninthstreet.com



PMC Property, Kimpton Hotels to Convert Iconic 314,000-Sq.-Ft. Reynolds Building to Mixed-Use Upscale Apt. Property; State’s First Craft Beer Incubator Coming to Rocky Mount

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by Adriana Pop, Associate Editor

The historic art-deco style Reynolds Building in Winston-Salem will once again become the centerpiece of downtown activity, according to Andrew D. Gilchrist, president and chief commercial officer of R.J. Reynolds Tobacco Co.

An indirect subsidiary of Reynolds American Inc., the entity recently sold the 22-story property to a partnership between PMC Property Group of Philadelphia and Kimpton Hotels & Restaurants of San Francisco.  The joint venture purchased the 314,000-square-foot building for $7.8 million, with plans to convert it into a mixed-use high-rise featuring a boutique hotel, restaurant and upscale apartments.  

Designed by the renowned New York architectural firm of Shreve and Lamb, the Reynolds Building was completed in 1929. That same year, the high-rise was recognized as the Building of the Year by the National Association of Architects and later served as the model for the Empire State Building.

“We are very excited to be in Winston-Salem and to have such a magnificent building to offer as part of our collection of boutique hotels,” Mike Depatie, Kimpton’s chief executive officer, said in a news release.  “Our guests want to feel like they are part of a community when they stay with us, and the Reynolds Building is full of the rich history and elegance that reflects the City of Winston-Salem.”

“We have had our eye on downtown Winston-Salem for a number of years, and we are ecstatic that our first foray into the city is such an important landmark as the Reynolds Building. We are looking forward to bringing our upscale residential living experience to the area and introducing a dynamic, downtown destination with our partner, Kimpton Hotels,” added Ron Caplan, president and founder of PMC Property Group.

In other news, the Triangle Business Journal reports that the American Tobacco Campus and Capital Broadcasting are planning to transform an old Rocky Mount textile mill into North Carolina’s first craft beer incubator.

The project aims to become an economic development tool by offering craft brewers the opportunity to use equipment, collaborate and learn the best ways to establish and run the business.

Other breweries in the planning stages in the Eastern North Carolina region include Regulator Brewing Co. in Hillsborough, Tarboro Brewing Co. in Tarboro, and Fox & Crow Brewing Co. in Wilmington.

Photo credits: Wikimedia Commons



Dominion-Prudential JV Plans New, 105,000-Sq.-Ft., Wade Office Park Building in West Raleigh

21 May 2014, 9:55 pm







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by Adriana Pop, Associate Editor

Dominion Realty Partners is planning the development of a third building at the Wade office park near PNC Arena in West Raleigh.

According to the Triangle Business Journal, construction on the four-story, 105,000-square-foot Wade III office facility could begin this summer and continue for about a year.

Dominion Realty’s equity partner in the project is Prudential Real Estate Investors, the owner of the office park. The park currently includes two four-story structures, and additional land available for the development of a total of five buildings. Last fall, Prudential acquired the property for $45.75 million from debt-laden Lichtin Corp.

Completed in 2008, the Wade I and II office facilities offer nearly 200,000 square feet of Class A leasable space and parking. The buildings were nearly 90 percent occupied at the end of the first quarter, the newspaper reports.

According to Andy Andrews, CEO of Dominion Realty Partners, Wade III, which has been designed by Rule Joy Trammell + Rubio, will be built to LEED Gold certification standards. The project’s general contractor is Choate Construction, while Piedmont Land Design is the civil engineer.

So far, the building’s only tenant is Avison Young, the leasing agent for the entire Wade office park. The commercial real estate firm will be taking up 12,000 square feet of space here.

Located near the intersection of Edwards Mill Road and Wade Avenue, the Wade office park is part of the Forty Wade mixed-use development, a 168-acre site that offers additional space for future retail/office/multi-family development, including 25 acres of natural landscaped areas. Other developments in the area include the Post Parkside at Wade apartments and the Inside Wade residential community.

The new partnership between Dominion Realty and Prudential Real Estate is in fact the third joint venture the two entities have formed in less than a year. The companies have also joined forces to build and finance the 236,000-square-foot Charter Square office tower in downtown Raleigh and the 294-unit Parkside Place apartment community in Cary, both of which are currently under construction.

Photo credits: Dominion Realty Partners



Trademark Property Announces Major Mixed-Use Development Near Crabtree Valley Mall in Raleigh

14 May 2014, 6:37 pm







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By Adriana Pop, Associate Editor

Trademark Property Co. of Fort Worth, Texas has announced plans for the construction of a new mixed-use project on Glenwood Avenue in Raleigh.

According to the Triangle Business Journal, the developer is negotiating a partnership with EYC Companies of South Carolina to repurpose the approximately 20-acre Crabtree North site located right across from Crabtree Valley Mall.

Called Carolina Row at Crabtree Valley, Trademark Property’s component in the development entails an estimated investment of at least $90 million. Plans call for more than 125,000 square feet of restaurant and retail space, a hotel and 175 apartments.

EYC will have development rights for another 525 apartments, adjacent to Carolina Row, which would bring the project’s total number of residential units to 700.

The companies will also share the construction cost of a pedestrian/bicycle bridge connecting Carolina Row to Crabtree Valley Mall.

Last May, Raleigh city leaders approved EYC Companies’ rezoning request for the Crabtree North site, paving the way for the redevelopment of the property. Two aging apartment communities, Northampton Apartments and Richmond Hills, will need to be demolished before construction can start.

The developers are still in the process of finalizing the details of the project, which will be reviewed by the Raleigh Planning Department. If approved, Carolina Row will be Trademark Property’s first ground-up development in the state. The company expects to begin construction in 2015 and have the first shops open by late 2016.

“In our view, this is one of the best retail and mixed-use sites in North Carolina,” Trademark CEO Terry Montesi said in a news release. “We believe national retailers will have strong interest in a pedestrian focused mixed-use development at this site, given the outstanding location and the strong performance of Crabtree Valley Mall. This site provides tremendous opportunity to live our purpose: To be extraordinary stewards, enhance communities and enrich lives.”

Photo credits: www.eyccompanies.com







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