LIVING - Downtown Raleigh Alliance

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LIVING - Downtown Raleigh Alliance

LIVING

SLATED TO BE COMPLETED BETWEEN 2013 AND 2015, OVER 1,600 NEW APARTMENT UNITS

WILL MORE THAN DOUBLE THE LIVING OPTIONS IN THE CENTRAL BUSINESS DISTRICT.

THE ADDITION OF THE NEW RENTAL UNITS

will complement the recently constructed

condominiums and townhomes and the single

family homes in the CBD and surrounding

downtown neighborhoods. The growth in the

apartment market mirrors regional trends and

will meet young professionals’ demand for rental

housing, many of whom are new to the area.

ST. MARY’S SQUARE

Northwood Ravin will complete the $22 million apartment complex in 2013. The

1.2 acre property features 134 units and includes street level retail space.

425 NORTH BOYLAN

This mixed-use project, Southern Land Company’s first development in the

Triangle, will include 250 apartment units and ground floor commercial space at an

estimated cost of $44.5 million. The project will consist of an eight-story concrete

building accompanied by a seven-story parking deck.

“Historically the downtown Raleigh market has had a limited supply of rental housing. During

the past several years the residential interest has surfaced and residents now have downtown on

their radar as a place to call home. In the past 12 months the downtown area has seen over 1,200

units come out of the ground and potentially will see an additional 900 units in the next 24 to 36

months.” -Brian Reece, KARNES Research

#1 AMONG FAMILY-

FRIENDLY CITIES IN THE U.S.

(Raleigh-Cary) - Human Life Project - January 2013

RENT | 1,608 APARTMENT UNITS PLANNED AND UNDER

CONSTRUCTION

PROJECT DISTRICT NUMBER OF UNITS

425 N. BOYLAN AVENUE

Glenwood South

250

EDISON APARTMENTS

Moore Square

239

URBAN LIVING

The influx of young professionals moving to the area want an urban living experience, and the market is responding. Every condo unit

built in the last five years is sold and hundreds of rental units are under construction.

SKYHOUSE APARTMENTS

High density development in downtown

continues with the planned addition of the

23-story, mixed-use Skyhouse. It will be the

tallest of its kind in the Triangle, where most

multi-family projects are only four to five

stories. The $60 million project will feature

luxury apartments, 5,400 square feet of

retail, and a roof top pool.

THE GRAMERCY

L BUILDING APARTMENTS

LINK APARTMENTS

SKYHOUSE APARTMENTS

ST. MARY’S SQUARE

WEST APARTMENTS

[ SOURCE: DRA ]

Glenwood South 209

Fayetteville

100

Glenwood South 203

Moore Square

320

Glenwood South 134

Glenwood South 153

TOTAL 1,608

LIVING

35

© www.gottschallphotography.com


Each year more people embrace the downtown living

lifestyle. There are 5,000 residents in the CBD, 15,000

within one mile of the Capitol, 96,000 within three miles of

the Capitol, and 199,000 within five miles of the Capitol.*

DOWNTOWN OFFERS THE GREATEST CONCENTRATION

of condominium and townhome options in the region, boasting

an inventory of approximately 1,100 units in the CBD.

Seventy percent of this inventory was built during the last five

years. The majority of new construction occurred between

2006 and 2009—671 condos at 11 properties. Although

the growth of new condo development has slowed, there

are currently two projects containing 32 units planned and

under construction. The price per square foot increased 9%

between 2011 and 2012 illustrating a healthy condo market.

High occupancy rates reflect the great demand

for an urban lifestyle, and the residential market

is on track for continued growth.

In addition to luxury living, there are at least 1,100 affordable

units in 12 buildings within a 1.5 mile radius of downtown.

CONDO SALES AND RESALES | PRICE PER SQUARE FOOT UP SINCE 2011 IN THE CBD

$400,000

$350

Sale Price

$350,000

$300,000

$250,000

$200,000

$150,000

$100,000

2006 2007 2008 2009 2010 2011 2012

Average Sale Price

Average Price Per Square Foot

$300

$250

$200

$150

$100

Price Per Square Foot

$50,000

$50

© Kyle Ketchel Visual Properties

$241 average

price per SF, 2012

$313,850

average sale price, 2012

1,313 SF

average size, 2012

“I love living downtown! Here’s why: There is a real sense

of freedom in being able to go out the door and just walk,

without depending on a car to get everywhere. The

downtown lifestyle of being out and about all the time makes

it easy to meet lots of people. There is always something

going on downtown, and I’ve found that the people who live

here are open to getting to know new people, both other

residents and their neighborhood small business owners. The

Downtown Living Advocates has grown to 700 members, by

word of mouth alone—testimony that downtown residents

like to get involved and participate in their downtown

neighborhood community.”

-Jim Belt, President, Downtown Living Advocates

CONDO SALES AND RESALES | URBAN LIVING IS POPULAR TREND

193

158

205

121

2006 2007 2008 2009 2010 2011 2012

*SOURCE: STDB online ESRI forecasts 2012

115

155

120

CONDOS COMPLETELY SOLD OUT

100%

of the CBD

condominiums and

townhomes built

since 2006 are sold

Count of Annual Sales and Resales of CBD Condo Units [ SOURCE: Sean Mena, Coldwell Banker Advantage ]

LIVING

37

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