{"id":1004074895,"date":"2013-05-24T13:49:07","date_gmt":"2013-05-24T21:49:07","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=129330"},"modified":"2020-04-28T00:41:37","modified_gmt":"2020-04-28T08:41:37","slug":"development-group-plans-major-apartment-project-east-of-downtown-raleigh","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/development-group-plans-major-apartment-project-east-of-downtown-raleigh\/","title":{"rendered":"Development Group Plans Major Apartment Project East of Downtown Raleigh"},"content":{"rendered":"<p><!--[if gte mso 9]&gt;--><\/p>\n<p><!--[if gte mso 9]&gt;--><\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/05\/Woodfield-Creekstone.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-129340\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/05\/Woodfield-Creekstone.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a>by Adriana Pop, Associate Editor<\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The Florian Companies, along with Hyde Street Holdings and Banner Apartments are planning to develop a 224-unit, four-story apartment building near Moore Square in downtown Raleigh. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to the <a href=\"https:\/\/www.newsobserver.com\/2013\/05\/13\/2890546\/downtowns-redevelopment-spreads.html\" target=\"_blank\" rel=\"nofollow\"><em>NewsObserver<\/em><\/a>, the project will be located on a vacant 2-acre lot currently owned by Gordon Smith III. The development group intends to close on the purchase of the site by the end of the summer. <span>\u00a0<\/span><\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Called The Lincoln, the new development will include a mix of one- and two-bedroom units, as well as a 321-space parking deck, a pool and an interior courtyard. JDavis Architects of Raleigh is the designer of the project. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">If approved by the Raleigh Planning Department, the complex would become the area\u2019s second major residential development, trailing only the 320-unit apartment tower proposed for the southwest corner of Martin and Blount streets. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u201cI think downtown Raleigh is really going through a tremendous boom in its progression and its desirability,\u201d John Florian, president of The Florian Companies, told the newspaper. \u201cSo we really think there are a lot of drivers that are going to continue to drive demand for housing in downtown Raleigh right now. And over the long run it\u2019s going to get better and better.\u201d<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Data from Karnes Research and the Triangle Apartment Association shows that the city\u2019s downtown area has about 1,202 apartments under construction and more than 1,500 on the drawing board.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">In multifamily transaction news, Trade Street Residential, Inc. has purchased the newly-built 256-unit Woodfield Creekstone apartment community (pictured) in Durham for $35.8 million. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Completed in April 2013, the garden-style property is currently 92.6 percent leased and 83.6 percent occupied. Amenities include a clubroom with cyber cafe, a business center, a resort style pool and pool lounge, as well as a fitness center and movie theatre.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The acquisition was partially funded with a new $23.3 million 10-year term first mortgage at a fixed interest rate of 3.88 percent, the company announced. <\/span><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\">Photo credits: www.woodfieldcreekstone.com<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Florian Companies, along with Hyde Street Holdings and Banner Apartments are planning to develop a 224-unit, four-story apartment building near Moore Square in downtown Raleigh.<br \/>\nAccording to the NewsObserver, the project will be located on a vacant 2-acre lot currently owned by Gordon Smith III. The development group intends to close on the purchase of the site by the end of the summer.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[],"class_list":["post-1004074895","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Development Group Plans Major Apartment Project East of Downtown Raleigh - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/development-group-plans-major-apartment-project-east-of-downtown-raleigh\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Development Group Plans Major Apartment Project East of Downtown Raleigh\" \/>\n<meta property=\"og:description\" content=\"The Florian Companies, along with Hyde Street Holdings and Banner Apartments are planning to develop a 224-unit, four-story apartment building near Moore Square in downtown Raleigh.  According to the NewsObserver, the project will be located on a vacant 2-acre lot currently owned by Gordon Smith III. The development group intends to close on the purchase of the site by the end of the summer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/development-group-plans-major-apartment-project-east-of-downtown-raleigh\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-24T21:49:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-28T08:41:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/05\/Woodfield-Creekstone.jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/development-group-plans-major-apartment-project-east-of-downtown-raleigh\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/development-group-plans-major-apartment-project-east-of-downtown-raleigh\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Development Group Plans Major Apartment Project East of Downtown Raleigh\",\"datePublished\":\"2013-05-24T21:49:07+00:00\",\"dateModified\":\"2020-04-28T08:41:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/development-group-plans-major-apartment-project-east-of-downtown-raleigh\\\/\"},\"wordCount\":333,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/development-group-plans-major-apartment-project-east-of-downtown-raleigh\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/05\\\/Woodfield-Creekstone.jpg\",\"articleSection\":[\"News\",\"Raleigh-Durham\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/development-group-plans-major-apartment-project-east-of-downtown-raleigh\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/development-group-plans-major-apartment-project-east-of-downtown-raleigh\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/development-group-plans-major-apartment-project-east-of-downtown-raleigh\\\/\",\"name\":\"Development Group Plans Major Apartment Project East of Downtown Raleigh - 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