The Lincoln has fully taken shape and the facade is going up around it. With a planned completion time of this summer, there are only a few more months to put the final touches on this project.
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You can monitor progress at the Lincoln via Skyhouse’s skycam. Just zoom way in to see the entire Lincoln project
http://oxblue.com/open/SkyHouseApartments
Is the whole building going to be covered in brick like it seems is happening on one of the sides?
Amazing how much one city block can change in a year. Not a lot of space wasted! Looks good. The block across the street on the Moore Square side is screaming for some love, anybody heard anything? Something fairly tall would be nice.
@William- agreed. Something that at least matches the height of Skyhouse!
I would think this area will develope quickly over he next 5-10 years. The property has to be much cheaper for developers compared to the Northwest Glenwood side of Raleigh and it offers pedestrian access to Fayetteville St.
Is it just me, or does it seem by comparison The Link is taking forever to just get above ground?
Speaking of adjacent areas I’m wondering what might happen with the block directly to the east. The southern half has a single owner and the buildings (Winter’s Square, etc.) look ripe for a tear-down.
I just read an article on Triangle Business Journal that the Triangle is facing an apartment glut. Unfortunately for this project, it seems like it’s on a collision course for that this Summer. Given the options in more established parts of DT, I suspect that this project will have to offer some rent concessions.
Now that I think of it, this is not such a bad story. DT needs more affordable apartments in the city center for young workers in Raleigh and the Triangle.
http://www.bizjournals.com/triangle/blog/real-estate/2015/02/construction-apartment-slows-rent-concessions-rise.html
I would not be too concerned with the article. Yes, on a macro-economic level apartment inventories are starting to outpace demand. This is a national concern as well as at a state and “local” level HOWEVER real estate is much more “micro-market” as in Downtown. The demand curve for downtown is still outpacing supply. I ffully expect to see more residential construction project announcement announcements for downtow in the near future.
I remember that before they began building The Lincoln on that lot, Gordon Smith was looking for some place to which to move the one lone house that had been left standing in that otherwise entirely empty block. But I never heard what became of it. Does anybody know if that house got saved and moved, and if so, where?
Tom, yes the house was moved about two blocks away on Bloodworth Street. It got a very nice refresh and looks good!
The city owns the block where the shelter and old salvation army property is located. I believe the are planing subsidized house there.
Subsidized housing is NOT slated for the former Salvation Army site. The site will be sold to private developers with the hopes of building a hotel, plus mixed use type project. My understanding is the site could be sold in 2015 or 2016. I’m site the city is quietly marketing the property already.
Adding subsidized housing defeats the purpose of moving salvation army and the food kitchen out of there. The land is way too valuable for “affordable housing”.
Glad to see such progress. Any idea of price points?
@Uncle Jesse I think you have to anticipate demand and just because Tucker, Hue and St Marys filled up doesn’t necessarily mean 8 new apartment buildings in downtown proper at the “luxury” price point will fill up. I’m considering 401 Oberlin, 427 Morgan and Crescent in their own micro market or we’d be at 11 buildings….Devon, Gramercy and Link (Glenwood area), Elan (Seaboard area) and Lincoln, El, Edison and Skyhouse (all along the same axis downtown) I think is too much for downtown to absorb without concessions. Actually Devon has been open for 2 months and I count like 4 or 5 units as looking to be occupied now and while 401 Oberlin and 427 Morgan look a little over half full, Crescent has also by appearance less than 10 units occupied. As far as Lincoln specifically goes, it’s floorplans are odd if not interesting so they may lease up on those grounds. Also the dormer units facing downtown should fill up faster than the rest. Just my thoughts and observations…