Apartments, hotels a booming business in Raleigh
Posted December 16, 2011
Updated December 18, 2011
Raleigh, N.C. — Raleigh is expecting 270,000 more people to move to the city in the next 20 years, yet the city’s single-family home construction rate is very low, according to city officials. Apartments are booming, however, with eight new complexes under construction.
Raleigh city planner Mitch Silver says there’s demand from both young professionals and empty-nesters who want to move to the city but might not be able to afford a house. Plus, it’s easier for developers to get financing to build apartments rather than houses.
The other sweet spot in the market is hotels, according to Silver, who says Raleigh is fast becoming a destination city.
“We’ve always been under-served for our hotel rooms. The market recognizes that. Word’s getting out. This is a great market, and so now there’s a lot more interest to fill that void of providing more hotel rooms,” he said.
Silver says Raleigh will not be over-saturated with apartments, which are spread out across the Capital City. Several of the upcoming apartment complexes are featured on Raleigh’s website.
At Lake Wheeler and Lineberry roads, what will be University Village is taking shape. It will have 72 apartments geared toward students and plans to open by August.
Those who shop or dine at Cameron Village have seen plenty of construction at the corner of Oberlin Road and Clark Avenue. Construction crews demolished an old building and made a deep crater for the Gallery at Cameron Village. The luxury apartments are scheduled to open in spring 2013.
By North Carolina State University, at Hillsborough and West Morgan streets, lies the future home of West Morgan Apartments. It will feature two buildings, with room for shops, restaurants and a total of 250 apartments, plus parking decks.