Nov. 7, 2006 - Raleigh NC Real Estate >>Does Raleigh REALLY have a downtown area? What's new?
The Raleigh area is growing so rapidly we haven't caught up to the major cities. However, we had over 18,000 transplants last year and are expected to have even more next year. There is a plan to revitalize the downtown area called the Liveable Streets Downtown Master Plan which details the planned expansion of the downtown area. In addition there is a coalition called Downtown Raleigh Alliance that is also working to develop the downtown area.
The Liveable Streets Master Plan is the plan guiding downtown Raleigh’s development which consists of five main parts: Build the new convention center, reopen Fayetteville Street, build a convention center hotel, improve pedestrian environment, and undertake regulatory reform to make it easier to develop and build in the downtown area.
As to some of the larger projects, RBC has just broken ground on their new office building. They sold 139 condominiums in 3 days!! There were people standing in line to buy in case anyone wasn’t able to complete their purchase. The building also has 270,000 square feet of office space, eight levels of parking deck within the building - enclosed in glass so that you will never know it’s there -, and 17,000 square feet of retail space on the ground floor. The City and Highwoods Properties, together, are building a 1,000 space parking deck one block to the east between Wilmington and City Market. Last week Progress Energy issued an RFP to develop all the land they own around that parking deck. They will be getting responses back during the next month or two and then making those public as they see fit. There is a lot of additional development being spurred by the new Progress Energy headquarters and the RBC headquarters buildings.
In 2009 people will ask why the Fayetteville street project was so important. At the north end of Fayetteville street there are about 1.25 million visitors at the Museum of Science and History and the Archives Building annually. When the Convention Center opens it, along with the Performing Arts Center, will draw about the same number each year to the sourth end. If we can get these two groups to cross, that makes for a great retail environment. On Fayetteville street, itself, there will be 525 housing units with 700 to 750 people calling it their home address. By 2009 the downtown area will have more bars and restaurants then Glenwood South does. There will be 875 hotel rooms. Lastly, the new office headquarters of RBC will add substantial pedestrian traffic to the street both from those who will work in the building and those who will live in it. Within one block of Fayetteville street there will be 10,000 parking spaces so there will not be a parking problem. All told there will be 42,000 parking spaces downtown and only about 30,000 people that work there.
As to housing we have the new York and Trammel Crow project on the Bradshaw parking lot just to the west of City Hall. It is 207 units of housing. There is the 170 unit condo called the West, 40 units on North street in Glenwood South and 48 units across from the Paramount; which is the first green residential building. Then, there is the new Contemporary Art Museum. Air rights over the museum will be sold for housing. This is on Harrington and Hargett streets. They will break ground for an apartment building on Tucker street in about two weeks which is also in Glenwood South. There is another 850 parking spaces that will be wrapped with 60 or so residential units. There is Ted and David Reynolds project that is nearing completion on Lane and Harrington. There is the Roland Gammons project. 222 Glenwood just broke ground. And, there are others. This is not all just expensive condos. We also have four projects downtown representing an investment of some $200 million of affordable housing.
When you add it all up, right now there are 831 units of housing downtown. In the pipeline, which means approved by the council but yet to break ground, is an additional 1,263 units. In the planning stages are another 500 units. There are now 2,500 residents downtown currently and when all that has just been mentioned has been accomplished there will be 8,500. That does not include such areas as South Park, Oakwood and Boylan Heights.
From the time the Liveable Streets Plan was adopted until 2010, when these projects have been completed, more than $2 billion will have been invested in the 110 block downtown area.
If you're planning on contemplating a move to the downtown area keep the current development plans in mind. If you buy in early you are sure to reap the rewards of rapid appreciation.
|
Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: None
|
|
Welcome to my blog on Raleigh-Cary and the Triangle area of NC Real Estate. Here you can read current information on the Triangle area including neighborhood profiles, school information, taxes, market conditions, and even find things to do in the Triangle.
Links
• Home
• View my profile
• Archives
• Email Me
• Blog Manager
|
RSS Blog Feed