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White Oak Properties wants to renovate a 47,000-square-feet office building in Raleigh's Hayes Barton neighborhood, modernizing the building and converting it into 39 condominiums. The company will spend $5 million to $6 million on the conversion, and prices will range from $169,000 to $400,000.
As for whether the condo market is sufficiently recovered, it’s true that basically all of the new units built in and around downtown Raleigh during the bubble have sold.
There are no new condos listed for sale in the downtown area, and just 12 were sold this year, according to Triangle Multiple Listing Services.
Including re-sales, there are 46 active condo listings in MLS and 168 closed sales this year. That works out to a three-month supply at the current pace of sales
that seems like a great use overall for this property. Not sure what they'll do about the 50 or so cars it will generate daily. But an office building that would require a huge investment just hoping to then attract tenants to a fairly "non-office" environment/location wasn't going to happen it sounds like.
that seems like a great use overall for this property. Not sure what they'll do about the 50 or so cars it will generate daily. But an office building that would require a huge investment just hoping to then attract tenants to a fairly "non-office" environment/location wasn't going to happen it sounds like.
The office building located there would probably generate and house more than 50 cars a day if fully occupied. I'm not sure but I think that there is some parking under the building as well as surface lot parking.
I think this is a great idea but I do think that the property would be better located for walkability and access to Cameron Village, Glenwood South, etc. if were on the south side of Wade Ave. instead of the north side.
Funny, as a Little kid I remember going to that building for pediatrician visits when Rex was still across the street. There even used to be a walkway that went street level of St Marys to the second floor of the building. If they put that back, it would be a much better access for pedestrians. Though looking at the rendering, it does not appear to be in the plans.
I also like the way the rendering kind of glosses over the massive grade change from St Marys to the parking lot. It looks almost like its a gentle slope, when its too steep to walk for most of it.
Honestly, its a bit of a stretch to call that Hayes Barton, IMO. Still a good location though.
Funny, as a Little kid I remember going to that building for pediatrician visits when Rex was still across the street. There even used to be a walkway that went street level of St Marys to the second floor of the building. If they put that back, it would be a much better access for pedestrians. Though looking at the rendering, it does not appear to be in the plans.
I also like the way the rendering kind of glosses over the massive grade change from St Marys to the parking lot. It looks almost like its a gentle slope, when its too steep to walk for most of it.
Honestly, its a bit of a stretch to call that Hayes Barton, IMO. Still a good location though.
ahhh... I finally figured out which building this is talking about. It's not exactly near Hayes Barton. More like just on the outskirts of it.
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Honestly, its a bit of a stretch to call that Hayes Barton, IMO. Still a good location though.
Certainly an office building isn't going to be in Hayes Barton proper but, to be fair, Williamson Drive with some of the most spectacular single family homes in the neighborhood is just one street north of the location of this building.
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