Posts filed under ‘Apartment Construction’

Apartments in Whitaker Park

The redeveloper of Whitaker Park, the former RJ Reynolds manufacturing campus in north Winston-Salem, has indicated that an out of town developer is potentially building 185 to 210 apartment units. From the Triad Business Journal:

Construction could start by the late first quarter or early second quarter of 2017, Leak said.

“This is a mixed-use project that we are going to develop so the hope is that there are going to be a lot of jobs created by companies in other parts of that park and so some of them might want to live approximate to where they work,” Leak said.

He added that there is an opportunity for the developer to market the units to Wake Forest University basketball and football fans who come into town for the games.

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July 5, 2016 at 2:59 pm Leave a comment

Coming Soon: A Livery in Camel City

This development near BB&T Ballpark in Winston-Salem will surely be one of the more unique adaptive reuses we see in the Piedmont Triad in the foreseeable future:

A Lewisville developer is breathing new life into a downtown Winston-Salem apartment complex by refashioning it as “The Livery.”

The idea behind the 27-unit complex at 648 Holly Ave. was to create the appearance the building was a “high-end horse barn” that’s been renovated into apartments, said Jeff Zenger, president of Lisha Construction and Solomon Development…

Zenger bought 648 Holly Ave. for $500,000, and plans to invest at least $1 million to completely renovate the building inside and out, along with a carriage house on the property…

The complex’s one-bedroom units are about 535 square feet and are being reworked with new central air and heat along with amenities such as granite countertops and stainless steel appliances…

Pre-leasing for the building has now begun, with the first units expected to be ready by Aug. 1 and rent for around $800.

You can see a rendering of the project here.

June 28, 2016 at 8:04 pm Leave a comment

Rents Leveling Off, Especially in Major Metro Markets

According to an article in the Wall Street Journal rents are beginning to level off nationwide:

After a five-year boom in which rents have jumped by about 20% nationwide, some of the nation’s biggest cities—New York, San Francisco, Seattle and Boston among them—are beginning to see slower increases. Annual rent growth for high-end urban apartments peaked at nearly 8% at the end of 2011 and has since slowed to just over 3%, according to MPF Research, which tracks the apartment market.

The downdraft is likely to become more pronounced as many of these cities see increases in the number of new apartments being delivered in 2016 and 2017. In 25 of the largest U.S. cities, multifamily permits in urban areas were up 39% in 2015 compared with a year earlier, according to a study by housing-research firm Zelman & Associates.

However, things are still good for the apartment industry:

Economists say the overall apartment market remains solid. Rents are continuing to rise quickly for more moderately priced apartments in the suburbs, tempering the urban slowdown.

You can read the full article here (Requires subscription to WSJ).

June 24, 2016 at 1:59 pm Leave a comment

Mixed-Use Project in Greensboro to Include Apartments

A mixed-use project on Lawndale Drive in Greensboro will feature 57 apartment units. From the Triad Business Journal:

Construction will begin this summer on a $9 million development on Lawndale Drive that mixes retail shops with 57 one- and two-bedroom apartments.

Spark Development & Construction is now working to line up tenants forKirkwood Place, a 2-acre development on Lawndale Drive between Independence Road and Colonial Avenue. The development sits across from the busy Lawndale Crossing shopping center anchored by Target, Harris Teeter and PetSmart…

The residential units will occupy the top three floors of the four-story building, with two-bedroom units on the corners and center of each floor. Rents will range from $900 to $1,500 a month, Stratton said. Further out Lawndale Drive there are multifamily residential properties, but Kirkwood Place will mark the first one on Lawndale Drive coming from downtown Greensboro.

June 9, 2016 at 7:32 pm Leave a comment

Last Year’s Largest Triad Apartment Construction Projects

Commercial Property Executive produced a nice little listicle of the largest apartment construction projects delivered last year. Who’s number 1?

Images from Stafford Place’s Website

Stafford Place, 360 units
Parr Investments targeted Winston-Salem for its 360-unit development with spacious floor plans and high-end finishes. The complex features extras such as a 21-seat movie theater, a coffee bar where residents can socialize and relax, a business center and a swimming pool. Nowadays, tenants want more than living space. A sense of community helps them to feel connected, and we increasingly see amenities that encourage socializing between tenants.

You can find the rest of the list here.

May 31, 2016 at 2:09 pm 1 comment

Winston-Salem Council Denies Rezoning Request for Affordable Development

At its May 2 meeting the Winston-Salem City Council voted 5-2 to deny a rezoning request for a 54-unit apartment development in the city’s northwest ward. From the Winston-Salem Journal:

Siding with neighbors who came out in opposition, the Winston-Salem City Council on Monday rejected a developer’s plan to put a low-income, two-story 54-unit apartment building at the entrance to the Town and Country neighborhood at the corner of Briarcliffe and Reynolda roads…

Developer Bill Scantland described the apartment building as one that would serve people who are 55 years old or older, who make between 30 and 60 percent of the area median income of $58,500. Scantland said the building would look just like one built for market-rate tenants.

Opponents said the apartment building would be too tall for the neighborhood, especially since the corner lot drops off about 20 feet in elevation from Reynolda Road to Briarcliffe…

When the proposed rezoning went to the City-County Planning Board on April 14, it had no opposition and sailed through on a unanimous vote — although it was noted that emails were coming in from people who said that they didn’t know about the case and hadn’t had enough time to think about it.

One problem, it turns out, is that the neighborhood meeting to discuss the plan with Town and Country residents was held on April 13, only one day before the planning vote…

The developer’s financing imposed a time frame that didn’t allow for postponing the decision, MacIntosh said.

May 3, 2016 at 1:24 pm 1 comment

Forsyth County Approves Plans for 66-Unit Community

County commissioners in Forsyth County approved plans for a 66-unit apartment community near the Davidson County line:

Gardner Capital Development plans to build The Reserve at Hickory Commons on a 5.36-acre plot of undeveloped land at 1295 Hartman Plaza Drive, south of Fishel Road.

The plans include four two- and three-story apartment buildings and a clubhouse.

April 15, 2016 at 1:25 pm 1 comment

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