Beacon, Novare Plan $60M Apartment High Rise
- Jun 29, 2012
by Adriana Pop, Associate Editor
Local developer Gregg Sandreuter’s Beacon Partners along with Atlanta-based Novare Group are planning a 23-story luxury apartment tower in downtown Raleigh. According to the NewsObserver, the 320-unit high-rise will be situated on the southwest corner of Martin and Blount streets.
At a price tag of $60 million, SkyHouse Raleigh will include 5,400 square feet of retail, and a pool on the top floor. Residents will also have access to a 1,224-space parking deck that divides the block on which the building will be developed, the newspaper reports.
The project targets young professionals who are looking for an in-town residence. It will be the first phase of the mixed-use Edison development that Sandreuter proposed in 2007. Initial plans called for two office towers, but demand in this sector has remained low in the wake of the recession.
Demand for apartments on the other hand has been strong in the region, especially in the heart of downtown. According to MPF Research, central Raleigh’s occupancy rate was nearly 96 percent in the first quarter, with rents up 4.9 percent from the same period last year.
Contractor Batson-Cook Development hopes to break ground on the new high-rise apartment complex during the third quarter this year. SkyHouse Raleigh will be similar to SkyHouse Midtown, also 23 stories and 320 units, which Novare Group and Batson-Cook are currently building in Atlanta.
In other news, Raleigh-based Dominion Realty Partners has paid $2.4 million for the purchase of 12.5 acres of land at the southeast corner of Tryon Road and Cary Parkway. In July, the company expects to break ground on Tryon Place, a 205-unit apartment complex that will include four buildings. About 60 percent of the land will be reserved for open space, Andy Andrews, Dominion’s CEO told the NewsObserver.
According to MPF Research, Cary is one of the best performing apartment markets in the Triangle. The occupancy rate was 95.9 percent in the first quarter, 2.9 percent higher than the figures registered during the same period last year, while rents increased by 3.7 percent.
Photo credits: Novare Group