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Discussion Starter · #1 · (Edited)
In today’s News & Observer there was an article about a proposed $14 million project near the corner of Saint Mary’s Street and Jones Street in Raleigh. The site currently is the location of Pam’s school for those familiar with the area. Two buildings of 4 stories each are planned with a total of 45 condos on 1.08 acres with access from both Saint Mary’s and Jones Street. This location is two blocks West of 518 restaurant, and across the street from the back corner of Saint Mary’s School. The condos will range from 1,300 square feet to 3,000 square feet, with prices from $240,000 to $1 million. While not exactly the high-rise everyone wants,or affordable condo's for that matter, it nevertheless is a step in the right direction towards the critical mass Glenwood South badly needs. :)
 

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I saw the news and I have to admit I am thrilled about it. Yesterday, I saw an article on WRAL's site about the planned units in DT Raleigh for the next 10 years, mentioning that the projected number is around 10,000. Now, this doesn't mean that all of those units will be sold, but it is possible to see about 5,000 new downtown residents within that period. Today's N&O article shows that there is growing interest, and while we are not talking about 20+ story towers, it is the smaller developments that in the beginning will attract residents in large numbers.

Glenwood South has tremendous potential, which is already realized by local and national developers. If Hilton is truly interested in building a hotel in this area, be certain that the booming for residential projects has not even started yet. To the East, between the railroad tracks and the state government complex, there is room for many residential projects; two have already been envisioned, but not yet announced officially. The number 10,000 may sound unrealistic for now, but what we should anticipate is an even greater interest to be expressed in the next few years. High-rise living is still a vision in DT Raleigh, but residential mid-rises are slowly showing up.

There are two more projects that we should expect to hear about no later than next year. One is in the corner of Hillsborough and St. Mary's Str, at the SE end (where Capitol Broadcasting is today), and the other one will be at the corner of Boylan Ave and Hillsborough, also at the SE end. We may see another 150-200 units between these two projects, which can explain why the city and the consultants are so optimistic in their 10-year projections. One obstacle I see with Glenwood South's West side is that there are many underutilized single homes, which serve as offices or rental units. While not all of them may be replaced with mid-rises, they can certainly offer opportunities for higher density housing. One way or another, we should see more and more residential projects appearing in and around DT Raleigh. Things are moving along just fine :eek:kay:

By the way, Raleighmark, the planned location is West of 518, not East, as you typed.
 

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Discussion Starter · #3 ·
Raleigh-NC said:
By the way, Raleighmark, the planned location is West of 518, not East, as you typed.
Well Duh! As interested in cartography as I am, that is especially embarrassing. :wallbash: Thanks for the heads up. :yes:

As far as housing around the Glenwood South area, as well as the warehouse district for that matter, the key may be the TTA railstops being built. With fast reliable transportation to RTP, the area surrounding the stations would seem very attractive to the types that will push downtown Raleigh forward. With 38,000 full time employees in the Park, (About 44,000 including contract employees) that’s a pretty big base to potentially draw from.
 

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Never mind the error... it happens to all of us :yes:

Your observation on the TTA stops is right on the money. This is EXACTLY where the residential booming will come from and mainly the reason behind some projects not moving forward as fast. If we were to get the final approval tomorrow, be certain that in a few weeks we would have seen many projects being talked about for the first time, along with some of them coming back from the dead. Nothing would happen overnight, but there is little doubt that DT Raleigh's residential booming would continue at a MUCH faster pace.
 
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