Novare, Beacon Partners to Break Ground on $60M Luxury Apts. in Downtown Raleigh
- Nov 06, 2013
By Adriana Pop, Associate Editor
Atlanta-based Novare Group and Gregg Sandreuter’s Beacon Partners are about to break ground on SkyHouse Raleigh, a 23-story luxury apartment tower planned for the southwest corner of Martin and Blount streets in the city’s downtown.
According to the NewsObserver, Batson-Cook and NGI Investments are financing the 320-unit high-rise project, which entails an investment of $60 million.
Plans also call for 5,400 square feet of retail, a pool on the top floor, as well as a 1,224-space parking deck that divides the block where the building is slated to rise.
Upon completion by the end of 2014, the tower will be Novare’s seventh SkyHouse-branded apartment development. A similar project known as SkyHouse Midtown has recently opened in Atlanta (pictured), while a second one is currently under construction. Other SkyHouse apartment high-rises are slated to open in Austin, Orlando, Houston and Dallas.
“This is a demographically driven program targeting younger residents who desire convenient, transit-linked and efficient residences,” Mark Stewart, director of investments for Batson-Cook Development Company, told the newspaper.
SkyHouse Raleigh 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 segment has remained low in the wake of the recession. The revised version of the project now includes two apartment complexes and a 13-story office building which are expected to occupy an entire block of downtown.
“SkyHouse is aimed at young professionals who want a luxury in-town residential experience in a location where they can walk to restaurants, entertainment and work. It is a luxury high rise product that is intended to be a rental community from the outset and is specifically targeted at those who relish life in the city. We like downtown Raleigh and particularly the Edison location a lot,” Jim Borders, President of Novare Group, said in prepared remarks.