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Greg Sandreuter and the Novare Group are planning a 23 story apartment tower catty-corner from Moore Square on the SW corner of Blount & Martin. Site plans and renderings were submitted to the city recently. You heard it here first!
Novare seems to be the "real deal"- they have built dozens of condo, apartment, and office towers, mostly in Atlanta but also elsewhere in the southeast (including several in Charlotte). I had been wondering when they were going to turn up in Raleigh. If this one goes well it's likely they will come back for more, too since that seems to be their pattern.
Bloomsbury Estates was a condo project which explains why it didn't do very well in today's market. I think the fact that Hue and 712 Tucker are basically full in spite of rather high rents shows that there is demand in the Raleigh market for this sort of thing. The question is, how much? By my count there are 1203 comparable units already under construction in 5 complexes, and 1409 more units proposed in 7 more complexes (including this one.) I think the 5 currently under construction will do OK given the pent up demand, but beyond that it's hard to say. There might be still more demand after that, but absorption is bound to slow down at some point
This stands out as the only high rise, though, so maybe it will find a niche and do well, even if some of the other complexes struggle to find renters.
I'm not sure I'd want to rent across from Moore Square.
I've often said until they come up with a plan for the homeless population that camps out in Moore Square they'll always have issues gentrifying that side of town.
Moore Square is really not that bad compared to spots of downtown Atlanta that are near condos, plus I can see something like this forcing the issue with coming up with a plan for the homeless population there.
Bloomsbury Estates was a condo project which explains why it didn't do very well in today's market. I think the fact that Hue and 712 Tucker are basically full in spite of rather high rents shows that there is demand in the Raleigh market for this sort of thing. The question is, how much? By my count there are 1203 comparable units already under construction in 5 complexes, and 1409 more units proposed in 7 more complexes (including this one.) I think the 5 currently under construction will do OK given the pent up demand, but beyond that it's hard to say. There might be still more demand after that, but absorption is bound to slow down at some point
This stands out as the only high rise, though, so maybe it will find a niche and do well, even if some of the other complexes struggle to find renters.
Bloomsbury Estates didn't do well in its initial offering for two reasons. One is more obvious than the other. The obvious reason is that it came to fruition just as the financial industry was collapsing. The second reason is that the developer overbuilt for that specific location. The reality is that the west side of the building had views of central prison.
Had that building been built in a slightly different location, they would have sold more in presales. In the end, very few people with $300-400 dollars a square foot to spend wanted to be in that very specific location.
I'm not sure I'd want to rent across from Moore Square.
Oh yes they will. Just watch. There's a ton going on now in that general vicinity and along Wilmington Street. Just the storefront restorations alone in the last 5 years have been transformational for the neighborhood.
I've often said until they come up with a plan for the homeless population that camps out in Moore Square they'll always have issues gentrifying that side of town.
What do the homeless people in Moore Square (or anywhere else in Raleigh, or any other city) have to do with "gentrifying" the adjacent area?
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