In response to dropping rates in homeownership, developers in downtown Raleigh are scrambling to keep up with demands for rental units. Nationally, each 1% drop in the homeownership rate brings more than a million new renters into the U.S. market, and supply hasn’t kept pace. Six new apartment complexes are expected to become available in downtown Raleigh within the next year or two, most having site plans already approved by the city.
Get ready for more than 1,300 new rental units on the market!
;)
Click to enlargeAll the plans are for mixed-use projects with ground floor retail and all are located within a mile of each other on the western side of downtown. They include three complexes in Glenwood South, two in Cameron Village and one between Glenwood South and NCSU.
Project details are listed below. For more information and images, use the links provided to download each site plan.
Residences at Cameron Village (400-410 Oberlin Road)
This mixed use building is located on the northeast corner of Oberlin Road and Clark Avenue in Cameron Village. The 5-6 story building will house 296 residential units, ground floor retail, and a 450-space parking deck. Demolition of the existing building has recently started and construction is expected to begin in Spring 2012, to be completed by Spring 2013.
The site plan (SP-47-10) has been approved. [download]
Cameron Village Apartments (401 Oberlin Road)
This mixed-use development is located directly adjacent to Cameron Village, across the street from The Residences at Cameron Village (above). The 4-5 story building includes 260 residential units, first floor office and commercial retail, with a parking deck behind the building.
West Apartments (413 N Harrington Street)
This 7 story building will be built on the lot adjacent to the West at North Condos, and includes 153 residential units and a 192-space parking deck.
The site plan (SP-36-11) is awaiting approval. [download]
The face of Raleigh’s downtown is changing as it adapts to the present economy. Demand for homes continues to increase, and a proliferation of choices insures growth, vitality and diversity as Raleigh meets the needs of the present, and looks to the future.
Excellent post, Jim. Appreciate the information.
This is very good news! It's about time developers started realizing that not everyone who wants to live downtown can afford a luxury condo. (Especially when you consider the largest employer downtown is state government, which has notoriously low salaries.)
More apartments is definitely what we need. Though I hope these new ones coming in will be more reasonable than the ridiculously pricy ones at Tucker and Hue.
Hopefully, some of this good news for the west & northwest sides of downtown will spread. There are plenty of good lots on the eastern sides of downtown that would be also good for apartments. (I myself probably would have lived at Carlton Place had it not been for their no pets policy.) More developments like these on the eastern half of downtown would be awesome.
These apartments all start in the $1200 for one bedrooms
The inset map is a nice visual reference but it excludes some significant housing projects that exist in the immediate area. Among them are The Paramount, The Raleigh Apartments and the collection of apartments that are across the street from St. Mary's. When all these are mapped, it starts to really express how the west side of DT is really emerging as Raleigh's most significant urban neighborhood.
UPDATE: Ground breaking for the West Morgan Street Project is expected to begin Monday (Oct 24th).
http://bit.ly/qijD7O
That's a lot of apartment unit to choose from. Thanks for adding description, they're huge help. 🙂