Developers Top Off $60M SkyHouse Apartment High-Rise in Downtown Raleigh

by Adriana Pop, Associate Editor

Construction is moving forward for the 23-story SkyHouse apartment tower at the corner of Martin and Blount streets in downtown Raleigh.

According to the Triangle Business Journal, Novare Group, Batson-Cook Development Co. and Beacon Partners held a topping off event on the building’s 23^rd floor to celebrate the halfway mark of the $60 million project. The owners of the 320-unit SkyHouse Raleigh luxury apartment tower also launched the pre-leasing process for the residences at the newly set up leasing office near City Market on Wolfe Street.

The developers broke ground on the project last November and expect to have the building ready for occupancy in early 2015. Plans also call for 5,400 square feet of retail, a swimming pool on the top floor, a clubroom and a fitness area.

The new residential tower in Raleigh is one of Novare’s 11 SkyHouse-branded apartment developments open or currently under construction. Similar projects are located in Atlanta, Dallas, Houston, Austin, Orlando, Tampa and Charlotte.

SkyHouse Raleigh is considered the first phase of the mixed-use Edison development, which local developer Gregg Sandreuter, managing director of Beacon Partners, proposed in 2007.

According to the NewsObserver, the next, second phase of the development calls for a new 223-unit, six-story apartment complex slated to rise on a 1.4-acre parcel bounded by Martin, Wilmington, Blount and Davie streets. In a joint venture with Beacon Partners, the NRP Group of Cleveland acquired the site of the new development for $6.1 million. The companies expect to complete the project by the end of 2015.

The third and final phase of the Edison development includes a 315,000-square-foot office building planned for the southeast corner of Wilmington and Martin streets. Construction could begin during the first quarter of 2015, Sandreuder told the newspaper.

Other recently announced residential projects slated to rise in downtown Raleigh include The Lincoln, a 224-unit apartment complex to be built on a 2-acre block just east of Moore Square, and Greystar Real Estate Partners’ complex at the corner of Wilmington and Polk streets.

Photo credits: Novare Group