City Council Green Lights Restarted Crabtree Village Master Plan Project
- Jul 12, 2012
by Adriana Pop, Associate Editor
The City Council of Raleigh unanimously approved a master plan for a proposed mixed-use project located on a 24-acre portion of the Kidd’s Hill property behind Crabtree Valley Mall.
Wells Fargo Bank and developer Pappas Properties of Charlotte are planning to restart the stalled Crabtree Village master plan by proposing a maximum of 525 apartment and condo units, a 200-room hotel, up to 250,000 square feet of office space and between 15,000 and 60,000 square feet of retail space.
The NewsObserver reported that before the downturn, York Properties of Atlanta – the site’s previous owner – was planning up to 749 residential units, more than 410,000 square feet of office and retail space and a 150-room hotel. Once the recession hit, the project was canceled, and Wells Fargo took ownership of the site in 2010 following foreclosure.
Pappas Properties said it would first focus on the development of 315 apartment units in six buildings. It is estimated that the first phase of the project, requiring an investment of approximately $40 million, would be complete in about three years.
In other news, Elon University has selected the Raleigh office of Choate Construction Co. to develop the Global Neighborhood residence hall, a student housing project which has an estimated cost of around $30 million.
The development will include five residential halls totaling more than 180,000 square feet and having the capacity to accommodate 600 students, as well as a 30,000-square-foot activities facility. According to the Triangle Business Journal, the commons building will be built on the shore of Lake Mary Nell and will house the Isabella Cannon International Centre, classrooms, faculty offices, study rooms and large gathering spaces. Spillman Farmer Architects of Bethlehem, Penn. will design the project, the newspaper reports.
The Global Neighborhood project is part of Elon University’s $250 million development plans scheduled for the next decade. Construction is slated to begin later this month, with phased delivery dates in August 2013 and August 2014.
Photo credits: http://www.elon.edu