Kernersville Multi-Use Development Will Have 500 Apartments

Welden Village, a 385-acre, mixed-used development proposed in Kernersville that is a “traditional” neighborhood development (TND), will include 500 apartments, 306 of which are being built by Parr Construction later this year. Here’s a description of the project from an article in the Triad Business Journal:

Instead of a development based on “pods” of similar homes, Arden plans to create one integrated walkable community with well-connected streets where residents can make short walks to parks, open spaces, civic amenities and new retail spaces. Traditional neighborhood development, sometimes referred to as neotraditional design or New Urbanism, harkens back to how neighborhoods were developed prior to World War II – before automobiles changed the dynamics…

The plans for Welden include three single-family areas with about 1,400 homes as well as about 200 townhomes and 500 apartment units. Rhodes said about 30 acres would be used for a commercial village…

Next up is Welden Park Apartments, a 306-unit complex adjacent to the village center, built by Triad-based Parr Construction. Kernersville approved a site plan in March, and construction is scheduled to begin late this summer, according to Rhodes.

Blue Ridge and Richardson Partner on Greensboro Project

Blue Ridge Companies and Richardson Properties are on schedule to complete the 216-unit Country Park at Tall Oaks, off of Lawndale Drive in Greensboro, in November according to Jeff Smith, Blue Ridge’s Chief Investment Officer, in an interview with the Triad Business Journal:

“We’re trying to make hay while the sun is shining,” said Smith, who told TBJ the project was delayed a few months by unfavorable weather. “We’re trying to make up for lost time.”…

Blue Ridge demolished a former apartment complex that was vacant after the property was purchased for $1.2 million in 2012. Apartments continue to be developed heavily in the Triad, especially in high-demand areas despite a recent increase in the vacancy rate.

One-bedroom units start at $950, and two- and three-bedroom units — each with two bathrooms — start at $1,150 and $1,300, respectively. The complex will have 60 one-bedroom units, 120 two-bedroom units and 36 three-bedroom units.

Burlington Planning Commission Approves Two Apartment Projects

Burlington’s Planning and Zoning Commission recently approved two new apartment projects in the city. From the Burlington Times-News:

Walter Parks Architects of Richmond, Va., and Chad Porterfield, the owner of the former May Hosiery Mill in downtown Burlington, want to renovate the dilapidated mill into loft apartments. The first step in the project was get planning board approval to rezone the building at 612 S. Main St. to allow residences…

The project calls for 49 one-bedroom apartments that would average 632 square feet, and 21 two-bedroom apartments that would average 927 square feet. Rents would range from $875 to $1,260…

The other apartment project that the board approved is for an upscale 120-unit complex on the north side of Bonner Bridge Road in west Burlington. The complex would be geared to “upwardly mobile” younger professionals. It would include a clubhouse, fitness center and car wash bay.

 

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.

Watercourse Apartments in Graham to Open in September

From the Triad Business Journal:

The first building of a nearly $20 million upscale complex project currently under construction in Graham is expected to open to residents in September.

The remaining six buildings of the 204-unit Watercourse Apartments are expected to be completed at a rate of one a month, Community ManagerKatherine Matkins said…

It is geared toward commuter residents, said Clifton Minsley of 10 Federal, a Raleigh-based company that will handle property management. Minsley and his brother own 10 Federal and are partners/owners in the deal. The project is owned by a group of local investors.

Lofts at Little Creek Primed for Phase 2

BSC Holdings is getting ready to develop Phase 2 of its Lofts at Little Creek community off of Hanes Mall Blvd in Winston-Salem:

Image from Winston-Salem Journal April 9, 2015 Issue

The name of BSC Holding’s new $10 million project, which is expected to be ready for renters in spring 2016, is The Lofts Hillside at Little Creek. The initial 148,000-square-foot building will have 88 apartments, offering primarily two-bedroom units with two baths and office space. It will have several units with one bedroom and 1 ½ baths.

“It will be the same architecture and same finishes as the Lofts at Little Creek,” said Amanda Williams, the vice president for BSC Holdings, which is based in Greensboro.

The two-bedroom units will range from 1,200 to 1,400 square feet. The one-bedroom units will be 925 square feet.

Amenities will include nature trails and a large dog park, and an additional pool and fitness center. Monthly rent will run from $950 to $1,450.

Apartments Proposed for Adaptive Reuse Project in Mt. Airy

From the Triad Business Journal:

The Landmark Group presented its plans, which call for an 80-unit development expected to cost up to $10 million, to the city redevelopment commission, the Mount Airy News reported. The project would use six of the 22 buildings at the former Spencer’s Inc. property.

The development would be an affordable housing complex with one-, two- and three-bedroom units. Landmark officials want to make the project a public-private partnership and hope to use mill tax credits, the newspaper reported.

Apartments and Speakeasy in Winston-Salem

Plans for the Pepper Building in Winston-Salem get more interesting by the day:

Nearly two years after closing on the purchase of the Pepper Building and adjacent lot in downtown Winston-Salem, veteran developer Mike Coe is starting demolition on the property and plans to begin redevelopment by spring.

The project at 104 W. Fourth St. Street will include 53 apartments, a Brazilian steakhouse and a speakeasy run by a local woman with roots in Amsterdam, Coe said in an interview this week. The cost could top $14 million, he said.

A key feature of the property’s redevelopment will be a two-level parking garage in the adjacent lot at 110 W. Fourth St. At least one level of the parking deck would be underground, Coe said.

The entire deck would be topped by green space intended to match the city-funded Marshall Plaza park at the corner of Fourth and Liberty streets.

That’s a pretty unique addition to what has become the hottest apartment sub-market in the Triad.

Apartment, Retail Project Proposed for Elon

From the Burlington Times-News:

The Board of Aldermen will consider voting in favor or against the proposed 53,579-square-foot building, which will feature commercial properties on a portion of the first floor and apartments geared toward Elon University students in the remaining spaces, during its meeting Tuesday evening.

The land on Haggard Avenue, currently an empty space between Skid’s Restaurant and a residential house, is owned by Elon University, but the proposed building would be developed by EDG Properties LLC, the same company that built the three-story Elon Town Center building in 2011. This new project is called “The Park Place at Elon.”…

The second, third and fourth floors of the newly proposed building, along with a portion of the first floor, facing the Elon University-owned Oaks Apartment dormitories, will be apartments, while the remaining 6,180 square feet on the first floor, facing Haggard Avenue, will consist of retail space, McDonald said. He is in preliminary discussion with a small pharmacy for space at the corner of the building with a small grocery store taking the remaining space, he said.

 

Keystone Gets Approval for 330-Unit Community in Mebane

Mebane’s city council has approved Keystone’s plans for a 330-unit apartment community near I40/85. From the Burlington Times-News:

A second developer received approval this week to proceed with plans to construct apartment homes.

Keystone at Mebane Oaks, part of Keystone Homes of Greensboro, applied for rezoning and a special-use permit to develop the multifamily complex…

That location is property along Interstate 40/85 at the dead end of Cameron Lane, off Mebane Oaks Road.

Along with 330 apartments, Keystone says, the complex will include a residents’ club, pool, fitness room, exercise studio, game room and kids area, along with a playground, pet park and walking trails. One- and two-car garages will be located throughout the property, which will be divided by a thoroughfare that Keystone will build, in line with a proposed larger road between Mebane Oaks road and N.C. 119…

Currently, the property, valued around $1 million, generates $5,350 in taxes for Mebane. The expected property tax value after construction is $23.1 million, which would generate $113,000 a year in taxes and an additional $114,000 in annual water and sewer fees. Keystone also will have to pay $759,000 with the building permits in water and sewer connection fees.