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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



Grubb Properties Moves Ahead with Plans for $35.5M Link-Branded Apartment Project

7 May 2014, 10:31 pm







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by Adriana Pop, Associate Editor

The Triangle’s first Link-branded apartment community will soon rise in the vibrant Glenwood South district of downtown Raleigh.

According to the Triangle Business Journal, Grubb Properties and its New York-based equity partner, The Kalikow Group, have recently acquired the development’s 1.3-acre site for $5.45 million.  

Upon completion in the spring of 2015, the $36.5 million Link Apartments Glenwood South project at 201 N. Harrington Street will offer a total of 203 apartments, including studio, one and two-bedroom units.  

Located within walking distance to several shops, restaurants, and clubs, the six-story property will also feature a variety of amenities, including an integrated parking deck for 243 cars, a clubhouse and leasing center, a fitness center, a cycle center, a dog park and a large outdoor pool and terrace area with a summer kitchen pavilion.

Designed by architecture firm Cline Design Associates, the apartments will be developed under Grubb’s Link brand, which targets millennial renters who prefer to live in urban areas that offer easy access to jobs, entertainment and cultural amenities.

Todd Williams, executive vice president of investments for Grubb Properties, told the newspaper that the Glenwood South project would be the company’s third Link-branded apartment development. Grubb’s first such community opened in Richmond in 2013, and the second one is scheduled to open in Winston-Salem this summer.   

In regional news, the Triangle Business Journal reports that a group of North Carolina investors and real estate developers are planning the construction of a 2,100-acre senior living community at Oak Island along the North Carolina coastline.

Plans call for a total of 2,250 residential units, including single-family and multi-family homes, cottages, condominiums, townhouses and assisted living facilities.

Known as The Charles, the development could nearly double Oak Island’s population of approximately 6,700 people. Construction on the first phase of the project, which will include health care, retail services and independent living units, could begin this fall.

Photo credits: Cline Design Associates



City Approves Incentives for Mixed-Use High-Rise, Motel Conversion in Downtown Durham

30 Apr 2014, 10:34 pm







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by Adriana Pop, Associate Editor

Austin Lawrence Partners of Aspen, Colo. is planning the construction of a 26-story mixed-use tower in the heart of downtown Durham, as well as the renovation of the Jack Tar motel and parking garage on the next block.

The Durham News reports that the City Council has approved a $3.97-million incentive package for the two projects, which entail a total investment of more than $89 million. Under the agreement, the payments would be made over 15 years, once construction is complete.

The new tower will rise on the site of the 117 W. Parrish St. building which burned in 2001. Plans call for a two-level underground parking garage, street-level retail, four floors of office space and 133 apartments.

Construction on the project is expected to begin in October and be complete by the fall of 2016.

Meanwhile, the rehabilitation of the long-closed Jack Tar motel property would bring a 74-room hotel and a parking deck which would be available to the tower’s occupants and the general public.

In other news, a seven-story student apartment building could soon rise on Hillsborough Street in Raleigh.

According to the NewsObserver, the city’s planning commission has recently approved developer Cary Joshi’s plan to convert the Two Guys Pizza restaurant into a mixed-use building with 24 housing units for up to 96 students, and ground-floor retail space.

Opponents of the project, which is scheduled to go before the Raleigh City Council on May 6, argue that the building is too tall and that neighbors would support a five-story structure, as city guidelines recommend for the area.

On the other hand, as architect Steve Schuster pointed out, the corresponding building height for the five-story limit is 75 feet. And 75 feet is in fact the height of the seven-story building proposed by Joshi.

Photo credits: Google Maps



Equus Capital Acquires Raleigh Multi-Family Portfolio for $36M; State Denies Raleigh’s $38M Offer for Dorothea Dix Property

16 Apr 2014, 11:29 pm







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by Adriana Pop, Associate Editor

Equus Capital Partners, a private equity firm based in Philadelphia, recently acquired three multi-family properties in Raleigh from a joint venture of Silver Companies and McCann Realty Partners.

According to the Triangle Business Journal, the investor paid a total of $36.3 million for the 180-unit Hunters Glen community, the 164-unit Laurel Oaks community and the 122-unit Laurel Springs community, or the equivalent of $77,900 per apartment, on average. The properties were 96 percent leased at the time of sale, the newspaper reports.

Equus now plans to invest an additional $4 million in the renovation of the Laurel Oaks community and the Laurel Springs community and change the name of the Hunters Glen property to Madison Hunters Glen.

Located in north Raleigh, the pet-friendly Laurel Oaks community offers easy access to RTP, RDU Airport or I-40, as well as 24-hour maintenance services, a swimming pool, and a car care center.  Just a few miles away, Laurel Springs features similar amenities, along with picnic areas, barbeque grills and award-winning landscaping.  The Hunters Glen property in central Raleigh also offers beautiful landscaping and architecture, as well as two tennis courts, a sand volleyball court, a dog park and a pool.

The Silver-McCann joint venture purchased the three multi-family assets in 2005 for a combined $27.5 million.

In regional news, the Triangle Business Journal reports that Gov. Pat McCrory’s administration has rejected Raleigh’s $38 million offer to purchase the 308-acre Dorothea Dix property near downtown.  Local officials’ plan for the site is to turn it into a massive urban park.

The state also denied the request to handle the site’s approximately $23 million environmental cleanup and issued a counteroffer, proposing that the City purchase 244 acres of the former psychiatric hospital campus for $52 million (or about $213,953 per acre). The remaining 64 acres would house the administrative offices of the N.C. Department of Health and Human Services.

Photo credits: www.huntersglenapts.net



Raleigh Offers $38M for State-Owned Dorothea Dix Property Near Downtown

11 Apr 2014, 9:38 pm







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by Adriana Pop, Associate Editor

City leaders have offered the state $38 million for the purchase of the 308-acre Dorothea Dix property near downtown Raleigh. The move would allow local officials to move forward with their plans of turning most of the former psychiatric hospital campus into an urban park.

According to the NewsObserver, the proposed sale price is slightly higher than the city’s most recent appraisal of the property, which amounts to $37.45 million.

Under the agreement, the state would lease back a 40-acre portion of land for $1 a year over the next 15 years and pay between $11 million and $22.7 million for environmental cleanup costs. The property would house the administrative offices of the N.C. Department of Health and Human Services.

A decision from the state is expected fairly soon, according to Bill Peaslee, an attorney for the state Department of Administration.

“The city’s proposal is being given thoughtful deliberation as the state balances the desire for a city park and the state’s fiduciary duty to its citizens,” Peaslee told the newspaper.

Most recently, former Gov. Bev Perdue’s long-term lease for the grounds was rejected by Republican lawmakers.

In regional multi-family news, JDavis Architects has received a 2014 IIDA Carolinas Design Works – Multifamily Residential Category Award for the interior design of the 267-unit Marquee Station apartment development in Fuquay-Varina.

Developed by Blue Heron Real Estate Opportunity Fund I, LLC of Chapel Hill, Marquee Station is located just off Highway 401, on the site of the former Cairo Drive-In Movie Theater. The community opened last year and offers a mix of one-, two- and three-bedroom garden-style apartments, as well as a variety of amenities, including a clubhouse, swimming pool with cabana, detached garage buildings, car wash, maintenance building and trash compactor.

Other design services provided by JDavis for the project included architecture, landscape architecture and procurement management. Clancy & Theys Construction Company of Raleigh was the general contractor.

Photo credits: twbuckner via Flickr



Northchase Office Park in Raleigh Welcomes New Tenant

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by Adriana Pop, Associate Editor

Phillips Architecture has recently relocated to the newly renovated Northchase office park on Six Forks Road in Raleigh.

According to the Triangle Business Journal, the firm occupies approximately 9,000 square feet on the ground floor of Northchase II.

Comprised of two low-rise buildings, the Northchase property dates back to the mid-1980s and has been mostly vacant since Genworth Financial moved out in 2009.

Last summer, Principal Global Investors of Des Moines, Iowa purchased the buildings from a California investor for $11.65 million, about 50 percent less than the properties’ $23.2 million tax value.

The company commissioned Tri Properties of Durham to refurbish the buildings, while Phillips Architecture was in charge with the redesign of the spaces.

“We are excited with Phillips Architecture’s move to Northchase at Midtown and their overall involvement with the redevelopment of the two buildings,” Clay Stober, senior vice president and partner at Tri Properties, told the newspaper. “With several other prospects showing interest we are thrilled with the progress at Northchase in reshaping the Six Forks Road submarket.

Phillips Architecture, which has about 25 employees, relocated from a six-story building on Navaho Drive in north Raleigh, where it had been based for the past 23 years.

In other news, Northridge Capital LLC of Washington, D.C. has acquired a Class A office building located in the 270-acre master-planned Meridian Corporate Center in Durham.

According to the Triangle Business Journal, an investor group represented by HDG Mansur of Indianapolis sold the 61,763-square-foot property at 2635 Meridian Parkway for $6.4 million.

Scot Humphrey, Chris Norvell, SIOR and Bill Simerville of Cushman & Wakefield | Thalhimer’s Capital Markets Group brokered the transaction on behalf of the seller.

The building, which is anchored by Virtual Computing Environment Co., a joint venture of Cisco Systems and EMC Corp., was 69 percent leased at the time of sale.

Photo credits: www.loopnet.com







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