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There is really little need for what is being built. The banks are returning to stupidity and financing without good assurance the investment will return a profit.
This developer even had the nerve to ask Raleigh to build a parking deck for North Hills. With the kind of rents charged there, the residents can afford to pay for their own needs. What we really need is affordable housing for working families who are not earning terrific salaries but are vital such as teachers, law enforcement, firefighters, and corrections staff.
what pays those salaries is a higher property tax base, and I mean real property. I don't know anything about the City paying for a parking deck on private property.
You are correct that it's not "they wouldn't be building if there wasn't a need", because the banks are requiring certain levels of pre-leasing and occupancy before financing. Now, if some private entity is putting just their money up, that's their choice.
If anyone actually reads the article, make note of the mention of "similar dense projects near Crabtree Valley and Oberlin Road".
Those projects are a)non-existent at Crabtree (the stripping of Kidds Hill for the Solaris project was not on the books then) and b) competing 200+ unit apartment buildings just now finishing at the corner of Cameron Village.
what pays those salaries is a higher property tax base, and I mean real property. I don't know anything about the City paying for a parking deck on private property.
You are correct that it's not "they wouldn't be building if there wasn't a need", because the banks are requiring certain levels of pre-leasing and occupancy before financing. Now, if some private entity is putting just their money up, that's their choice.
A few years back, before anything really got started on the redevelopment across the street, IIRC, Kane Realty did initially propose that the city help fund a parking deck through some kind of tax revenue scheme. I am fuzzy on the details, but they were arguing generally that with the large influx of property tax dollars that would be coming in that it could be justified. There may have been some component where it would be a special tax district so that the payback rates were higher than otherwise. The council said no and they proceeded with a different plan. I can't really fault them for asking and I certainly can't fault the council for saying no to it.
(ETA: I see you found it before I could post)
I can agree that anyone getting anything built in the last few years was definitely having to work extra hard to justify to lenders and the pre-leasing requirements are much higher than they used to be. The days of building empty buildings hoping they will lease are gone and in fact, for the type of office space at North Hills, the area just set a record for low vacancy, so expect more buildings to move forward.
Since this place is blowing up so much I would like to see a better pedestrian connection between the two halves of North Hills. A pedestrian bridge was planned at some point but I think a tunnel would work better, and fit better with the topography - as long as it is safe and patrolled by North Hills security.
Since this place is blowing up so much I would like to see a better pedestrian connection between the two halves of North Hills. A pedestrian bridge was planned at some point but I think a tunnel would work better, and fit better with the topography - as long as it is safe and patrolled by North Hills security.
Still hoping for that tunnel myself...auto or pedestrian.
The development of North Hills has been fascinating. Kane has taken the demand and done what other developers have not been able to do at Crabtree or have had the will do in other suitable areas. IMO, the true turning point for North Hills will be shift from a mixed use shopping center under single ownership to a mixed use neighborhood with many interests.
We are living at North hills right now across from where the new tower will be and there is no building starting yet. Just a taped off area and "keep out" signs.
Walking across to the other side is totally nerve wracking with kids. I drive now. :-/ Bridge or tunnel would be a huge bonus.
Has anyone heard anything about Tower II recently? The article said ground-breaking would probably happen mid-August, but that's come and gone.
Ground breaking today.
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