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Monday, March 14, 2016
Last May, we reported on the construction of the first of two flex office buildings on Generosity Court in Southeast Raleigh: Generosity I.
Even though we followed up on this project only a few months ago, after some tenants had moved into the space, I probably wouldn’t have remembered the project if it wasn’t for the cutesy names of the streets surrounding Generosity Court: Sincerity Street and Virtuous Street. Not to get sidetracked, but a part of me really wishes they’d gone with Virtuous Way instead of having two “Streets” and one “Court;” it just flows better.
Surprisingly, there were no hackneyed jokes about these street names when we covered this project in the past, although I did get a bit cutesy myself when I wrote “The first full week of May turned out to be a pleasant one for new building permits — an office building is going up on Generosity Court, and a residential mixed-use will be built on Friendly Drive.”
Now that we’re all caught up: permits were issued March 10 for a new building shell at 3835 Generosity Court for Generosity II. The address for Generosity I is 3834 Generosity Court.
According to a brochure from local real estate broker Trademark Properties, all 7,500 square feet of available space in Generosity I is now fully leased, and the much larger Generosity II — every time I write these names out, they sound like space probes — will have 17,1000 square feet of space available.
I’m no expert on commercial real estate, but having a building fully leased less than a year after it was built seems pretty impressive. While Generosity I is hardly the most inspiring building I’ve ever seen design-wise, the various amenities offered must more than make up for this.
According to the brochure from Trademark, these amenities include: Available Dock and drive in doors • Available Fiber optic service • 14′ to 16′ clear height • Convenient access to I-40 • High growth industrial and retail area. And it’s only $12.50/GSF!
I always thought it would be cool to rent an office space like this and live there like it was a condo building. Very peaceful at night! Except when the cleaning crew comes by. And it’s probably a zoning or a code violation or something. Also, you’d be paying almost $2 grand*/month to live in an 1,800 square-foot industrial office space.
As with all the work on Generosity I, the general contractor for Generosity II is T. Allen Pipkin Jr. The cost listed on the permits indicates this one-story, 16,711 square-foot structure will get built for $785,000.
*Assuming that, like most commercial office space, the GSF rate is per annum, not per month.
It’s hardly worth mentioning, but there was one other nonresidential sort-of new-building permit issued last week for an “outdoor timber structure and patio.” It’s described elsewhere as an “Amenity Pergola.” It’s one of those useless structures that looks like a pavilion but doesn’t actually have a solid roof and offers no protection from the elements.
It looks like it’s being built as part of the Chavis Subdivision out at 7650 Ray Road. The site plan for the subdivision lists the Royal Oaks Building Group — also the contractor of record for the pergola — although the property appears to be technically owned by a Royal Oaks affiliated LLC.
So far, it appears that twelve homes have been built in this subdivision, along with a “masonry entrance feature” and a temporary sales trailer. Site plans for the subdivision indicate plans for 82 single-family homes in the development.