Origin, Spandrel to Develop Raleigh Project
Construction is underway, with first move-ins expected in early 2024.
A joint venture of Origin Investments and Spandrel Development Partners is developing a residential project in the Southeastern U.S. The partnership will develop the $87.4 million Mira Raleigh property, a 288-unit community in Raleigh, N.C., that’s set to be completed next year.
The JV has already started construction on Mira Raleigh, with the property’s leasing office and first floor scheduled to be completed in early 2024.
Mira Raleigh represents the first phase of the larger City Gateway mixed-use project which will include Class A office space, retail facilities and urban green space.
The joint venture tapped Humphreys & Partners Architects as the project’s architect, while Clancy & Theys Construction and Metcon Construction will serve as the general contractors. Origin and Spandrel also selected Builder’s Design as the interior designer and Urban Design Partners as the civil engineer. Citizens Bank is providing construction debt.
The seven-story podium-style development will have studio, one- and two-bedroom units averaging approximately 772 square feet. The units will be built with 12-foot ceilings, floor-to-ceiling windows, terraces, smart home tech, quartz countertops, stainless steel appliances, double vanities, garden tubs, walk-in closets and desk nooks. The units will be located throughout five of the building’s seven floors, with the remaining two reserved for a parking structure that will total 300 spaces. The community’s other amenities include a lobby lounge, club room with a chef’s kitchen and bar area, sky lounge, coworking facility and fitness center.
Mira Raleigh is located at 121 Kindley St., on the southern border of Raleigh’s central business district in a Qualified Opportunity Zone. The community is three blocks away from the Fayetteville Street Corridor, the area’s densest urban employment hub, and the Warehouse District, a mixed-use development with office, retail, residential and cultural destinations.
Working together again in Southern U.S.
Mira Raleigh is the Origin-Spandrel’s JV’s second project. The two companies teamed up with Aspen Heights Partners and Northwestern Mutual to develop 511 Meeting in Charleston, S.C., in 2017. Several years later before selling the 221-unit community to Northland.
Separately, Origin Investments has been building out its Colorado multifamily portfolio. In November, the firm partnered with Jackson Dearborn Partners to develop a 374-unit community in Colorado Springs, Colo. A month prior, Origin Investments also partnered with Greystar to build the 207-unit Elan Rio Grande, which is also located in Colorado Springs.