Triangle News: October 2019

The constant influx of new and expanding businesses in the Triangle has led to an increase in the number of jobs now available in the area. This, in turn, has spurred the development of Class A office, retail and restaurant space to meet the needs of a rising workforce population, not to mention an influx of new single- and multi-family housing communities.

Raleigh

East Raleigh’s Continued Development: The city of Raleigh recently received a rezoning request that would allow for the development of a multi-story apartment community east of Interstate 440. The plans proposed call for a 204-unit multi-family complex with buildings up to four stories. This development would help add residential development to a part of the city scheduled for continued economic development. If this rezoning request is approved, the apartment community will join a long list of other single- and multi-family developments in the Triangle, all of which are set to meet the large demand for housing as the area’s population continues to soar.

Glenwood Avenue Project Begins Taking Shape: A Raleigh-based developer has begun construction on 3800 Glenwood, a five-story building with a mix of office and restaurant space set to open in 2020 just south of Interstate 440. This 118,000-square-foot building will feature 109,000 square feet of Class A office space and an additional 9,000 square feet of ground-floor restaurant space. Other features of the property include structured parking with a covered walkway for pedestrians, rooftop amenity space, artwork by North Carolina artisans and much more. 3800 Glenwood is part of the larger Glenwood Place master development plan, which spans a total of 40 acres.

Hilton-brand Hotel Coming to PNC Arena: Local sports fans will have a new place to stay overnight near the PNC Arena thanks to a new Hilton Garden Inn planned for a site across from the home of the Carolina Hurricanes and the N.C. State basketball teams. Current plans call for a 135,00-square-foot, seven-story hotel complete with 194 parking spaces, a conference center, a rooftop restaurant and bar, a grand ballroom and multiple meeting rooms. The Hilton Garden Inn Wade Park is just one of many new hotel projects scheduled for the Triangle area, outpacing development in the rest of the country. Although hospitality industry growth is beginning to slow across the nation, local occupancy rates continue to rise with increased demand.

Triangle Town Center Area’s Newest Addition: The Pointe at Town Center is one of the many new multi-family developments in the works in and around Raleigh. This 636,000-square-foot apartment community will include a mix of 484 senior living and affordable family apartment options. Plans include a mix of one-, two- and three-bedroom apartments spread across a total of 11 buildings. The undeveloped site sits just south of Triangle Town Center, which features tenants like Barnes & Noble, Macy’s, Dillard’s, H&M and North Carolina’s only Saks Fifth Avenue. This apartment community will help aid the demand for affordable housing options in the Triangle market.

Warehouse District Turned Retail and Dining Hub: Two Raleigh-based real estate firms have joined forces on another mixed-use revitalization project in the city’s Warehouse District. The project—known as the West Cabarrus Warehouses—calls for the renovation of two industrial buildings that will transform the area into a retail and dining hub, complete with the largest outdoor seating and live entertainment courtyard in the downtown area. Developers hope the project will add to and benefit from the constant activity around the Warehouse District.

West Raleigh’s Newest Apartment Community Breaks Ground: Construction has begun on West Raleigh’s newest apartment community, Clairmont at Trinity. A Virginia-based developer has plans to build a 153-unit complex on a 7.8-acre parcel near the Interstate 40 and 440 interchange along Trinity Road. The upscale community will feature a mix of studio, one- and two-bedroom apartments and is scheduled to open in summer 2020. Apartments will boast a wide variety of amenities like garden tubs, private patios and balconies, walk-in closets and complimentary washer/dryer units. The community will also feature outdoor seating areas, a dog park, a resort-style pool, a parking garage, bike storage and much more.

Durham

TopGolf Eyes Plans for Expansion in Bull City: A 46.3-acre parcel in Durham is slated to be the future home of a TopGolf-anchored mixed-use development. A South Carolina-based developer plans to build the TopGolf facility—which could cost upwards of $15 million—along with several other complimentary commercial spaces. Current proposals for the mixed-use center show plans for a 40,000-square-foot fitness facility, two hotels, 150,000 square feet of office space, a restaurant, a Sheetz gas station and an iFly Indoor Skydiving facility. (Sheetz and iFly Indoor Skydiving are currently under contract.)

Chapel Hill

New Development Proposed Near Bustling Mixed-Use Hub: A new mixed-use development has been proposed for Chapel Hill, long known as a high barrier-to-entry market. The town’s tax base is primarily residential, making this an ideal opportunity for Chapel Hill to attract more office and commercial development. Initial concept plans for Bella Vista at Meadowmont Village Center feature a 150,000-square-foot building featuring mostly office space, plus room for ground-floor restaurant and retail space. The proposed site is across from the UNC Finley Golf Course and is currently occupied by a parking lot.

Interested in investing in North Carolina commercial real estate? Ground + Space is a leading commercial real estate brokerage firm based in North Carolina that specializes in single-tenant and retail NNN investmentsContact us today to find out more about our current listings or sign up for our mailing list to stay in-the-know on all that North Carolina has to offer.


Chapel Hill Development News

There is no shortage of development activity in the bustling college town of Chapel Hill, North Carolina. In recent months, there has been a noticeable increase in construction activity along the much-traveled U.S. 15-501 corridor. From the redevelopment of the Glen Lennox area to a whole host of new mixed-use developments, the following projects are just a few examples of the broad wave of growth in the Research Triangle area.

Carraway Village

A Morrisville-based developer plans to turn a 55-acre parcel of vacant land adjacent to Interstate 40 into a luxury mixed-use development. This $100 million project will eventually include up to 837,000 square feet of retail and office space, along with apartments and a hotel. Located less than 10 minutes from the University of North Carolina at Chapel Hill, Carraway Village sits in the heart of Chapel Hill. The first phase of the project is now complete, with Carraway Apartments welcoming its first residents to its luxurious accommodations. Some of the development’s first-class amenities include a 16,000-square-foot Village Green, a 24-hour clubhouse, a saltwater pool, an elevated sky lounge and a fitness center. Additionally, the developers have secured leases from two major retail tenants: Starbucks and Chick-fil-A. The two retailers will help anchor one of the three proposed entrances to Carraway Village off Eubanks Road.

Glen Lennox

Back in 2014, the Town of Chapel Hill approved a 20-year development agreement that will breathe new life into the 1950s-era community of Glen Lennox. This development—which features residential and office space—is located on 70 acres of land east of the University of North Carolina at Chapel Hill. This plan will help restore and reinvigorate an historic community by bringing unrivaled residential, retail and office settings in the heart of the bustling town of Chapel Hill. The community’s Master Plan includes amenities like a hotel and a new shopping district, both of which will offer convenience and additional character that are highly suited to the neighborhood. The first phase of the Glen Lennox redevelopment includes a contemporary clubhouse that will become the cornerstone of the community. The clubhouse will include a saltwater pool and a state-of-the-art fitness center. Future phases include additional residential units, Class A office space and a bustling retail center.

Fordham Boulevard Apartments

Construction is well underway on yet another multi-story apartment community in Chapel Hill’s Blue Hill District along busy Fordham Boulevard. A former Days Inn was demolished to make way for the 3.4-acre project. Approximately 272 apartment homes will be available for rent upon the project’s completion. The building will be comprised of two sections split by a motor courtyard and pedestrian pass-through which will connect the site to a future public greenway.

Triangle Wegmans Locations

The New York-based grocery giant Wegmans plans to open multiple locations in the Triangle, including in Raleigh and Chapel Hill. The Raleigh store—the company’s 100th location—is set to open on Sunday, September 29, 2019. The Wegmans location in Chapel Hill will be built on the site of the former 14.7-acre Performance AutoMall between U.S. 15-501 and Old Durham Road. Additional stores will be opened in Cary, Holly Springs and Wake Forest. Why did Wegmans choose the Triangle? Some key factors in the company’s decision-making process were the area’s high rate of population growth as well as the quality of the educational institutions in the Research Triangle area. Wegmans is a store that sells more high-end products, which will do well in a market fueled by higher education.

South Green

Right next door to Chapel Hill sits the thriving town of Carrboro, which has its own new development: South Green. The first tenants recently opened for business and include Carrboro Yoga, Coronato Pizza, Noble Orthodontics and Craftboro Brewing Co., among others. South Green is a 45,000-square-foot retail development located just off Highway 54 and will act as a gateway to the southern entrance of Carrboro. The site is minutes away from the University of North Carolina at Chapel Hill campus and boasts a roundabout at the entrance, along with the largest pervious parking lot in the Triangle with LED lighting. Other site amenities include extensive landscaping, bike racks, a 24-hour ATM and a bike path.

Interested in investing in North Carolina commercial real estate? Ground + Space is a leading commercial real estate brokerage firm based in North Carolina that specializes in single-tenant and retail NNN investments. Contact us today to find out more about our current listings or sign up for our mailing list to stay in-the-know on all that North Carolina has to offer.


Residential Developments on the Rise

The city of Raleigh has the third-highest apartment growth in the United States, and the surrounding area has been a hotbed of investment and development activity in recent months. Greater Raleigh’s strong, steady population and job growth have led to an equally strong demand for new rental properties.

Raleigh

An already booming area of Raleigh, North Carolina will see continued growth if a proposed apartment complex is approved by the city. A Charleston-based developer plans to build a five-story apartment complex across from Crabtree Valley Mall. Named Crabtree North Apartments, the community will feature more than 150 units across 303,000 square feet, along with a 253-space parking deck.

What else is happening in Raleigh? The eastern part of the state capitol might soon be home to a new mixed-use development with a focus on residential units. If the city approves a rezoning request for a 55.99-acre parcel along Raleigh Beach Road, the previously undeveloped area will be split into three separate parcels. Each parcel will feature a mix of residential and non-residential properties. Developers anticipate a mix of around 600 single-family, attached and multi-family residences complemented by 200,000 square feet of retail, restaurant, office and recreational space.

Cary

Investors and developers alike are placing bets on the ever-growing city of Cary, North Carolina. In early August 2019, a Virginia-based real estate firm acquired an amenity-abundant residential community in Cary for $119 million. This sale represents the largest single-property apartment transaction in the area to date. The community—known as The Aster—features a plentiful mix of apartments and townhomes, along with numerous luxury amenities including a golf simulator, a pet parlor, an expansive wellness center and more. The community is ideally positioned between the Research Triangle Park area and Raleigh-Durham International Airport.

Another major project on the horizon for Cary is the redevelopment of the 87-acre Cary Towne Center property at the heart of the city. The struggling mall will get more than just a facelift. The new owners of the property plan to turn the site into a full-fledged mixed-use destination. Current plans would transform the two-story shopping mall into a luxury mixed-use center with a mix of retail and office space, townhomes, hotels and more.

Brier Creek

The growing demand for senior housing can be felt within the Triangle market. Cambridge Village Optimal Living has taken advantage of the recent boom in the seniors housing sector and just broke ground on its newest project: an $80 million senior living facility in Brier Creek. The Cambridge at Brier Creek is scheduled to open in 2021 and will feature 205 apartments along with health and wellness facilities, medical amenities, a pub, a salon and much more. Residents of The Cambridge will have access to fitness trainers, outdoor activities and social events. The community is conveniently situated across the street from WakeMed’s Brier Creek Emergency Care Unit.

Interested in investing in North Carolina commercial real estate? Ground + Space is a leading commercial real estate brokerage firm based in North Carolina that specializes in single-tenant and retail NNN investments. Contact us today to find out more about our current listings or sign up for our mailing list to stay in-the-know on all that North Carolina has to offer.