In light of the continued apartment growth we are seeing throughout the Triangle (Crabtree, Glenwood South, Durham, Chapel Hill) and even the nation, I've decided to take a look specifically at Central Raleigh's apartment development. Downtown Raleigh is quickly becoming the "hot spot" for urban development and real estate in the Capital City, and it’s not a new notion that the influx of more workers downtown results in new housing for downtown. But instead of researching and reporting on the dozens of projects going on in DTR, I would recommend we follow someone who has already been tracking these projects. What better place to do so than at downtown Raleigh’s resident blog, The Raleigh Con
Click here for Colliers 1Q14 Triangle Office Market Report! Here’s your Capital Compass perspective: The office market finished a good 1st Qtr. and looks to be picking up speed. Critics aside, the economy is on a slight rebound, with unemployment rates in the Triangle at its lowest levels since before the 2008 recession. Raleigh business owners and tenants will find interesting: Vacancy levels continue to drop from 15% in 4Q14 to 14.1% in the 1Q14 Class A office rental rates stayed steady from the 4th Qtr. at $21.86 per square foot. There is no speculative space being developed! Out of the current Triangle office projects (Charter Square, Diamond View in Durham, Perimeter Park off I40 etc) c
Last night, the Cary Town Council approved a $260 million budget for 2015 all while NOT increasing property taxes for Cary residents. The budget adds $51 million to fund new capital projects as well as $200 million to support existing operations. The kicker is that Cary is STILL maintaining the lowest property taxes in Wake County. This is the type of government leadership you like to see, and look how effective it can be at the local and town level! (to view budget click here) A few takeaways for your Compass: The budget will provide funding for the Morrisville Parkway extension, a renovation and expansion of the state of the art Cary Tennis Park as well as increasing public transportation
(click here for article) Historic Glen Lennox has finally been approved for new development by Grubb Properties. The property, which has been stagnant for 60 years, finally received town approval for redevelopment. This will be interesting to watch, as Glen Lennox is located perfectly near UNC and downtown Chapel Hill. A few takeaways for your Compass: Grubb has been pursuing development at Glen Lennox since 2008 70 acres are open to construction, 33% of them must be “open space” (aka 24/7 public space) There is no limit on amount of housing units or commercial space Grubb can construct 20 yrs - Grubb is exempt from any town zoning changes Regulations have been hashed out and Grubb Propert
HELLO! Welcome to Capital COMPASS Welcome to Raleigh’s FIRST SITE dedicated to informing fellow tenants, business owners and residents about the North Carolina Capital City’s unique Real Estate, City Growth, Construction and Development Plans and how they will impact YOU. From a born ‘n bred Raleigh Native, young millennial professional and licensed real estate advisor Capital COMPASS was created to be the leading all-inclusive resource for Triangle area businesses on navigating the Capital City real estate scene. I hope you enjoy this site. I am passionate about Raleigh and commercial development. I will provide the best advice and up to date news on: Triangle's growth and expansion plans
(click for article) Adding to the already new Carolina Row project across the street from Crabtree Mall, Houston based company-Fein plans to add another apartment complex, named "Creekside" behind Crabtree on 7 acres of Kidd's Hill. With a planned opening of first quarter 2016, look for this project to begin soon. A few take aways for your Compass: 301 apartments and 34 townhomes to be added Pedestrian bridge to Crabtree Mall to be constructed 1st ever development in Triangle by Houston based Daniel Fein (more non-NC developers constructing projects now than ever) Traffic will become hectic, first with construction workers and later with new residents. Although rents will initially go up,
(click for article) Chapel Hill downtown revival has taken one big step forward with the new University Square project by Cousins Properties gaining traction. Located directly across from the newly constructed "mixed use" building called 140 West Franklin Plaza, Cousins Properties of Atlanta looks to add even more new lux-living and shopping opportunities on Franklin Street. A few take aways for your Compass: - $80-$100 Million Development cost - 300 apartments planned above retail shops - 45,000 square feet of retail space - 125,000 square feet of office space - 900+ parking spaces to be added A grocery store does not seem to be in the mix, but this project is definitely a Capital cha
(click for article) Crabtree Valley Mall has been a Raleigh staple ever since Roddy Jones constructed the "second largest mall in the Carolinas" in 1972 and it only looks to be expanding. Texas Trademark Property Co. is planning on a new "mixed use" development across the street from the old shopping mall, named "Carolina Row." A few take aways for your Compass: - 150,000 square feet is planned for construction - 175 apartments will sit above the new mall - Pedestrian bridge will connect Crabtree and Carolina Row - 530 apartments are planned with future demolition of Richmond Hills Apartments (currently has 71 units) Construction is great, and Crabtree's neighbors have certainly needed
