Two real estate firms in Raleigh are at it again, pairing up for their latest residential infill development – this time in Glenwood South.
Developers White Oak Properties and CityPlat want to bring a new townhome community to downtown Raleigh with plans calling for 16 homes.
The project is situated at 405 N. Boylan St. across from the Gramercy Apartments between Anwood Place and W. North Street.
White Oak Properties founder Roland Gammon said he hopes the new homes will be on the more affordable end compared to recent townhome developments in the area. He’s aiming to start pricing in the $700,000 range. Nearby on St. Marys Street, the recently completed Cameron Crest townhomes are going for more than $1 million.
“A lot of the townhomes in that area are well over a million dollars. I think there’s more demand in this range,” Gammon said. “It’s a great site with a lot happening in Glenwood South.”
Plans for the townhomes call for 3-story units with rooftop terraces. The property is already zoned for the project, and Gammon hopes to be able to start construction by the end of the year.
The land is currently owned by Leon Capital. Raleigh-based JDavis architect is designing the project.
The townhomes are White Oak Properties and CityPlat’s most recent venture in the region.
The pair have filed plans for the Kress Condos in downtown Durham, a 6-story mixed-use building featuring around 26 condos, retail space and CityLift Parking system.
Meanwhile, developer interest in Glenwood South remains strong with new plans and transactions recorded each month.
This month, the Raleigh City Council voted unanimously to approve the rezoning for Maryland developer Heritage Properties’ tower for phase 3 of its Bloc83 project, calling for 18 stories of office and structured parking over ground-level retail.
CityPlat has also partnered with Modalia Capital on a $1.5 million deal for a lot at the corner of Glenwood Avenue and Peace Street. The partners plan to redevelopment the property, currently the site of an auto shop.