Here are a couple of news updates related to downtown. Click the links and catch up on the buzz.
- NBC17 reports that the shaky housing market across the country may be affecting some of downtown’s projects. While this could be true, Raleigh Planning Director Mitchell Silver sounds confident and the article states that “Realtors say the only slowdown so far is people delaying their move to the Triangle because houses out of state are tougher to sell.”
There are more than two dozen condominium and mixed use developments planned in downtown. They include more than 1,000 condominiums along with apartments and townhouses. Housing is the key to downtown’s redevelopment and so far the nationwide slowdown hasn’t hit.
“We believe that projects with their funding in place months ago are doing fine,” Silver said. “More recent projects arehaving to adjust their financing and plans but all indications are projects are moving forward.”
Realtors say the good news for downtown Raleigh is the Triangle’s economy remains strong, the area is attractive and the living is still reasonable.
- Nana’s Chophouse is no more and has quickly turned around and become The Pit. There is a great article at New Raleigh [UPDATE: Broken link] about the new restaurant in the warehouse district. For any BBQ lovers out there, it is a must read.
- WRAL reports that a naming deal for the new Convention Center is in the works. Read the article.
“We have an offer,” convention center director Roger Krupa said.
Krupa said he expects a deal to be finalized within 90 days.
Fewer than 10 convention centers in cities nationwide have corporate naming deals, ranging from $250,000 to $850,000 a year. Carrow predicted Raleigh’s deal would fall somewhere in the middle of that range.
I’m still optimistic on downtown housing for the most part. The slowdown hopefully won’t affect those already under construction like Hue, West and Bloomsbury. And others like RBC are in mixed use buildings–the bank will still need those offices. It may delay some of those that are still in the design stages…but hopefully not for long.
Another outcome is that others may go the route that the one on Tucker Street (now called “Lofts at Glenwood South”)—changing the project from a condo building to an apartment building instead. The apt vacancy rate in the Triangle is still pretty low and rents are still rising–so there’s certainly still demand in that market! I hope downtown developers take note.
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