by Adriana Pop, Associate Editor
Developers have begun construction on the first phase of the long-stalled Crabtree Village master plan in Raleigh.
According to the Triangle Business Journal, an initial $35 million investment will bring 293 apartments and prepare the site for the development’s future phases. The units are expected to welcome their first tenants by May 2014.
Behind the project is Terwilliger Pappas Multi-Family Partners of Charlotte, a new joint venture company between Ron Terwilliger, former Trammell Crow Residential CEO, and Peter A. Pappas, CEO of Pappas Properties in Charlotte. JDavis Architects of Raleigh is the designer, while Brasfield & Gorrie serves as construction contractor.
The Crabtree Village mixed-use development will be located on an approximately 24-acre site atop Kidd’s Hill near Crabtree Valley Mall (pictured). The project’s additional stages call for 232 multifamily units, a 200-room hotel, as well as retail and office space.
Pappas Properties acquired the property from an entity of Wells Fargo bank in 2012, the newspaper reports.
Before the economic downturn, previous owner York Properties of Atlanta was planning the construction of up to 749 residential units, more than 410,000 square feet of office and retail space, and a 150-room hotel. In 2006, the city approved York Properties’ master plan, and the company bought the property for $10.2 million in 2007. Once the recession hit, the project was canceled, and Wells Fargo took ownership of the site in 2010 following foreclosure.
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