Construction of Apartments Near Friendly Center to Begin Soon

Hawthorne Residential Partners is set to begin construction of an 188-unit apartment community near Friendly Center in Greensboro:

Greensboro developer Hawthorne Residential Partners plans to build apartments on a long-vacant area beside The Shops at Friendly on Hobbs Road…

The nearby intersection of Hobbs and Friendly Avenue has also been one of the most high-profile sites in the city after Atlanta developers Halpern Enterprises won rezoning for a 6.4-acre mixed-use development despite forceful community opposition.

Keystone Begins Construction on 264-Unit Community

Keystone’s Scott Wallace told the Triad Business Journal that grading and site work has started for his Keystone at James Landing project:

The complex will include 264 upscale apartments in nine buildings on 23 acres. Grading and site work have started. Construction should begin soon, said Scott Wallace, president of Keystone Homes, with the complex expected to be completed by the fourth quarter of 2017…

The complex will include a clubhouse, pool and other amenities. There will be two entrances, a main one off Strickland Court near its intersection with Wendover Avenue and Guilford College Road, and a second off nearby Ruffin Road.

Wallace said the project will cost about $25 million. Keystone is self-financing the work, he said. The apartments will range from 800 to 1,500 square feet, and from one to three bedrooms. Rents will vary from $900 to $1,400 a month.

The community will be located across the street from BSC Holdings’ almost completed Lafayette Landing community, which is a combination of apartment and single family house rentals.

N&R Story About Southeastern Building Redevelopment in Greensboro

A couple of weeks ago we linked to an article in the Triad Business Journal about Barry Siegal and Willard Tucker’s potential effort to redevelop the Southeastern Building in Greensboro. Today’s Greensboro News & Record has a front page story about the redevelopment:

The two finally have the OKs from state and federal historic-preservation officials, the financial backing and even the building permit to get the restoration started.

There’s a bit of paper left to push.

Then, in March, the real work will begin: a 14-month, more than $13 million renovation that will replicate the original limestone column-flanked entrance to Elm Street and other features inside the former bank.

When it’s done, it also will be home to 51 high-end apartments and office and retail space.

Definitely check out the article and its accompanying photo. Lots of interesting tidbits about what the final product might look like, and how Siegal and Tucker hope to retain many of the building’s unique architectural touches.

200 Unit Development Proposed Next to Shops at Friendly Center

Lomax Properties is proposing to build a $20 million, 200 unit, four story apartment community by the Shops at Friendly Center:

Patrick Woods, vice president for Lomax Properties, said an affiliate of the company is seeking to rezone the 4-acre property at the corner of Hobbs Road and Northline Drive and increase density that would allow for 200 apartment units in a four-story building. The city’s Zoning Commission will hold a public hearing for the project Sept. 10 in the City Council Chambers, he said…

Plans for the high-end apartments are a response to a “sea change” in the market and demand for rental units, Woods said.

“People want nice homes but they want the flexibility of renting if they are uncertain where they will be in the future,” he said.

132 Unit Community Planned for South Greensboro

From the Triad Business Journal:

Melos Investments U.S. Inc. is planning a development that calls for up to 132 apartments in southern Greensboro near I-85.

The development is planned for a 7.5-acre parcel located east of Belmont Street and north of Tolar Drive. It would be adjacent to a 216-unit apartment complex called Abernathy Park, which is managed by High Point-based Blue Ridge Cos.

When fully built out by summer 2013, Melos’ project will become the latest apartment development in the Triad, where developers continue to be bullish on the local rental market as many would-be buyers rent units amid tight lending requirements and higher unemployment.