Raleigh Loft Condos and Apartments

The city of Raleigh approved the scaled down plans for a 24-story tower at the corner of Hillsborough and Dawson streets in the Glenwood South District of Raleigh.   Reynolds Tower is planned to include a mix of uses and was originally proposed as a 32-story tower.   The completion date is currently targeted for 2010.

The average price of $370,000 for condominiums in downtown Raleigh limits the number of people who can afford downtown living.

In an effort to expand the market, condos are currently being planned to appeal to more people than just the high-end.  Tom Barker, a Sr. Managing Director of Trammell Crow Residential, said “we wanted to bring that average down and try to appeal to a wider audience.”

To make that happen, the 208 new condominiums at The Hue will be priced about 57% lower than the current average condominiums in downtown Raleigh, with units starting at about $160,000.   The lower price is part of a strategy to appeal to a younger demographic and bring a variety of demographics into the downtown area.

Currently, of the 445 condominiums in downtown Raleigh, only 29 are still available for sale, even though 326 new condos have been built in the last two years, with demand still strong for more.   Thus, 1,594 condos are either planned or under construction between now and 2011.

Plans for two Italian restaurants in 222 Glenwood (Raleigh) have recently been annouced.   The restaurants, Gianni & Gaitano’s, will share a kitchen with one restaurant featuring family style meals and the other a fine dining establishment.  The restaurants are scheduled to open in September 2008 when 222 Glenwood should be completed.

Raleigh continues to receive high marks in surveys for companies that seek to expand or relocate.

In the latest Expansion Management survey released recently, Raleigh-Cary metro area ranks well in all major categories, with especially high marks for its reputation among site consultants and very strong marks for its public schools, educated work force, and quality of life.

Raleigh’s quality of life continues to improve with the revitalization of the downtown area and a variety of housing options. (Of course, my bias is for condominiums, lofts and other urban housing types, but variety is the key to a strong metro area.)

With the continued influx of jobs, many of them for educated, younger workers, the market for condominiums, lofts, and apartments in an urban setting should continue to be strong, providing a strong base for the continued growth of Raleigh and especially the downtown Raleigh area.

Hue–the newest Raleigh condominiums and mixed-use development, featuring condos, shops and restaurants is scheduled for ground-breaking this month. Trammel Crow Residential, developer of another Raleigh condominium and mixed-use project, 222 Glenwood, just closed this week on a 1.73 acre site in downtown Raleigh. The site is located in the Warehouse district at the NW corner of Hargett and Dawson Streets.

Hue will include 208 condominiums with pre-construction pricing starting from $160,000. According to Tom Barker, TCR’s Senior Managing Director, these condominiums “offer buyers a sophisticated alternative for downtown condominium living that emphasizes value.” This price point should allow more people into the market for downtown Raleigh condominiums.

Hue will also include 7,500 sf of shops and restaurants on the first floor (street level). For condo residents, Hue will have a fitness center, private pool and sundeck, courtyard with barbeque grills, and a 300-space 6-story parking garage. The 7-story building will make a splash on the Raleigh condominium scene with its bold blue and yellow colors and contemporary styling.

Groundbreaking will take place in late August with units available in Spring 2009.

I’ve added Hue to the Raleigh Condominium and Loft Listing and will be reporting updates as they become available.

Groundbreaking for the first Westin in Raleigh took place last month. The new hotel and residences will be in an elegant 43-story tower in midtown Raleigh, NC. The property will be owned and managed by the Soleil Group and called “Westin Raleigh Hotel & Residences at Soleil Center”.

The tower is expected to be completed in 2009, featuring a design by architect Ralph Johnson, including a 290-room luxury hotel and 54 condominium residences on the upper 20 floors. The condominiums will have the option of one-third, one-half or full floor plates and residents will have full access to the services of the hotel, such as concierge, housekeeping, the indoor pool and fitness center.

Even though these are high-end luxury residences, they will guide the way for the continued expansion of living options throughout the Raleigh metro area.

I’ve decided to put my passion for urban living to good use and profile the Raleigh, NC area’s Loft Condos and Apartments. I hope to catalog many of the lofts around town along with urban living issues (transportation, a strong downtown, etc). I will include lofts and condos as I have time to profile them, hopefully a good resource for anyone who is interested in urban living at its best.