Official: Hendrick sells pricey 'gateway' site in downtown Durham, buyer plans $400M mixed use project (Raleigh: sales)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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This news has been on the web previously but it became official yesterday (06JUL2015) when the deed records were posted.
Some key excerpts:
Over the past several months, CitiSculpt has been putting together plans and sketches of a dense, mixed-use project that could add nearly 1 million square feet in new commercial building projects to the 12.1-acre site between East Pettigrew Street and Jackie Robinson Drive, a project they value at nearly $400 million.
"This project will be as impactful as anything the city of Durham has ever seen and possibly as impactful as anything the Triangle has seen in year," McAlpine stated, unabashedly, in a news release Tuesday morning about the deal.
The first phase of the project will consist of 300 units of multifamily housing. Future phases over the next five to eight years will add more Class A office buildings, one or more hotels, structured parking, public art and a recreational park area that will be integrated into a future public transit and light rail site that's planned nearby.
Demolition of the former auto dealership buildings should begin immediately with construction of the first apartments beginning in the next few months,
Location: Sodo Sopa at The Villas above Kenny' s House.
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Really,no comments. I know exactly where that is and its a great idea. That one project will revitalize that whole section of downtown. Durham is becoming very progressive to catering to what the new generation wants. That's a very high profile part of the city. Go Durham
I see that the developer is only planning to build more of the same stick-built apartments (to start off with).
This whole trend is bizarre. People searching for higher investment returns keep putting their money in these large REIT's, and the REIT's have to do something with the money, and have decided to push for all these new apartments to be built. It's happening at a macro scale across the country, but it doesn't seem like anybody is paying attention to whether the luxury apartment market is saturated in a particular city.
There's a saturation of the stick built apartments all along the Main Street Pettigrew corridor. And it's very clear that the folks who live there are, well, just passing through. Students and other folk who are new young workers in RTP. They come for a year or two and move on. NO sense of community from these tenants. None. The builders get a big tax break and the tenants don't contribute to the tax base except in sales for bars and restaurants. The bars and restaurants are all lovely but so many of them fail and then a new tenant comes in and they all roll over.
Better be a some serious parking garages built because parking is becoming a big problem downtown and car thefts are soaring there.
The area is simply not suited for residential living. Government buildings and residential buildings are not compatible. Look at all the older cities and see how many residential buildings exist around city, county, state and government buildings. There's a reason people don't live there. What will happen when the builders leave and the buildings end up half filled in ten years. But I guess that doesn't concern the builders, they'll just move on.
Location: Sodo Sopa at The Villas above Kenny' s House.
2,492 posts, read 3,027,726 times
Reputation: 3911
Quote:
Originally Posted by MrsRosencranz
It's not my money so in a way I don't care . BUT:
There's a saturation of the stick built apartments all along the Main Street Pettigrew corridor. And it's very clear that the folks who live there are, well, just passing through. Students and other folk who are new young workers in RTP. They come for a year or two and move on. NO sense of community from these tenants. None. The builders get a big tax break and the tenants don't contribute to the tax base except in sales for bars and restaurants. The bars and restaurants are all lovely but so many of them fail and then a new tenant comes in and they all roll over.
Better be a some serious parking garages built because parking is becoming a big problem downtown and car thefts are soaring there.
The area is simply not suited for residential living. Government buildings and residential buildings are not compatible. Look at all the older cities and see how many residential buildings exist around city, county, state and government buildings. There's a reason people don't live there. What will happen when the builders leave and the buildings end up half filled in ten years. But I guess that doesn't concern the builders, they'll just move on.
Is this Saturnfans better half?
I get where your coming from. It is easy to imagine these areas becoming urban slums if the downtown trend reverses. I think that about some of the Raleigh apartment complexes. It's like a "if you build them they will come" scenario.
There's a saturation of the stick built apartments all along the Main Street Pettigrew corridor. And it's very clear that the folks who live there are, well, just passing through. Students and other folk who are new young workers in RTP. They come for a year or two and move on. NO sense of community from these tenants. None. The builders get a big tax break and the tenants don't contribute to the tax base except in sales for bars and restaurants. The bars and restaurants are all lovely but so many of them fail and then a new tenant comes in and they all roll over.
Better be a some serious parking garages built because parking is becoming a big problem downtown and car thefts are soaring there.
The area is simply not suited for residential living. Government buildings and residential buildings are not compatible. Look at all the older cities and see how many residential buildings exist around city, county, state and government buildings. There's a reason people don't live there. What will happen when the builders leave and the buildings end up half filled in ten years. But I guess that doesn't concern the builders, they'll just move on.
Haha, I had the same exact thought while reading that post.
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