Mixed-Use Development Announced for West Street

Artist rendering

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In a press release sent out last week, Kane Realty Corporation and Williams Realty & Building Company are announcing a new development for their property along North West Street. We recently highlighted a couple of things in planning for this street here on the blog so I encourage readers to jump back if they haven’t seen it.

From the press release:

The project is expected to provide 400+ Class-A residential units and retail above covered parking.

Residents of downtown, Glenwood South and adjoining neighborhoods will enjoy pedestrian and vehicular access to retail, and the Project’s own residents will enjoy separate parking, two clubrooms, an interior courtyard, and an elevated terrace overlooking Downtown Raleigh, in addition to many more Class-A amenities.

This is most likely the talked about Smokey Hollow project mentioned elsewhere on the internets, a nod to the former neighborhood that was wiped out by the urban renewal projects of the mid-1900s that brought us the elegant Capital Boulevard. In the Google map below, the project is on the site of the Southland Ballroom and Themeworks buildings.

[UPDATE: After confirming with Kane Realty, this project is meant for the corner of Peace and West street, as some of the commenters had pointed out.]

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  1. Justin, I’ve read apartments. That’s to be expected nowadays though with the 50% presale lending requirement for the construction loan and the 20% down payment needed nowadays to get a mortgage. 100% financing and zero presales are a thing of the past. Know though that apartments can be converted to condos with some paperwork as was done with 610 Hillsborough St (between Snoopys and Char Grill), but as far as I know REITs are still scooping up developments by reputable developers so condo conversions will be hobbled by that for many years I’d think.

  2. I am confused. I thought that the development was at the corner of Peace and West, not Harrington and West. Also, isn’t Harrington being straightened out? There’s also talk about Johnson being re-aligned. This project would be in its way. Any knowledge of what’s going down regarding these issues?

  3. John, you might be right. I just emailed Kane’s people to get clarification on the exact location. If it’s at the corner of Peace and West then this is completely new compared to the Harrington Street corner purchased by Smoky Hollow LLC. (which is still made up of Kane and Williams)

  4. There is a great video @ ncdot.gov that shows a simulated rendering of what the capital boulevard makeover from Wade Avenue thru Peace will look like. You will get a clear idea of how the streets will be aligned and therefore a better idea of how Kane’s project will fit.

    Type in: ” capital boulevard bridge replacements”

  5. @Leo: I have no idea which is correct but the news crews reported from the corner of Peace and West.
    @Uncle Jesse: I can’t find that video. Can you please provide a link? Thanks!

  6. Looks like the entire block, fronting Peace between existing West (the little concrete triangle is there) and a realigned Harrington, which will go straight through the carwash.

  7. I also got the impression from an article somewhere, that the straightened Harrington curve that heads west on the square loop map , will be eliminated and the new east-west access across the block will be another Johnson Street segment…aligning with which Johnson Street segment is anyone’s guess…regardless, the project’s footprint would be extended further south by such a scenario.

  8. @ Mark – regarding condo financing, how do you think this plays out for the proposed 20 story condo building on the 301 Hillsborough St. site?

    And, any updates on the 404 Hillsborough St. site? It was mentioned here a few weeks ago that another proposed 20 story building was in the works.

  9. Kane Realty confirmed it to be the corner of Peace and West. (literally that’s all they said)

    So this is a new development that is probably not the Smoky Hollow LLC project.

  10. That’s awesome. That means that there’s more to come! This first project doesn’t need to wait for the bridge replacement IMO.
    Based on the square loop video, I sure hope that the city isn’t going to waste the space inside the square loop exit. From the video, I sure appears that way.

  11. @ Anthony David – I am not in the real estate industry in any manner…there are likely realtors, architects and possibly even developers lurking here that can provide a more informed answer than me…I am a former condo owner….I bought in a building that had almost no reservations, and I was able to obtain financing with zero down payment. Upon selling my unit, my listing agent informed me that several people looking were disqualified from financing because they did not have a 20% down payment. By new project financing comment was only what I have read in the news. Having said all of that, I 1) believe there is now some market for some new condos downtown based on the rapid sales at Blount Street Commons and 2) 301 Hillsborough could easily technically be all condos by declaration, but the developer could simply own over 50% of them and rent them, and sell the other half to owner-occupants. This is entirely dependent on the developer’s financing for the project. If angel investors of some sort, then it could proceed without a hitch. If they are using a bank, then they’d some of their own cash to “buy” those units with up front. Alternately they could package the building with some office space, and get lease commitments for that, to support the residential financing, not unlike what the RBC/PNC building did.
    @John, I still think it’s a single project in Smokey Hollow. If you erase east-west Harrington hook entirely, draw in Johnson st along the ROW seen on a city GIS map(along the south wall of the Southland ballroom complex) you get about a 4 acre parcel within the confines of Peace, Johnson, West and Harrington(redrawn all the way to Peace). For reference, the standard, perfectly square blocks in downtown proper are exactly 4 acres in size.

  12. @Mark, thanks for the interesting stats regarding acreage of typical city blocks and the assembly of land for this project. Regardless of whether it’s one project or more under the Kane umbrella, this project will clearly activate adjacent parcels in a significant way. I think that we’ll see significant activity and additional proposals before the end of the decade (barring a significant recession).
    As someone who has purchased 4 condos in his lifetime including two in DT Raleigh, these new rules are quite foreign to me. I had no problems whatsoever securing my loans on any of them. Then again, I haven’t closed on one since late 2005.

  13. John, things have definitely changed since 2005. Regarding the activation of adjacent lots, have you seen the renderings for the two buildings just north of Peace? These are just ‘what-if’ typical Sandreuter marketing mock-ups. They are not proposals being actively acted upon…but…they renders look very good…the parcels, if built as shown, would create almost a continuous residential face along Harringon from West condos to Smokey Hollow.
    See a March 30, 2015 post here https://www.urbanplanet.org/forums/topic/52936-urban-apartment-boom-raleigh/?page=11

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