Downtown Living Is In High Demand In Raleigh
Posted May 10, 2001
RALEIGH — For years, people across the country have moved from the cities to the suburbs, but the times are changing. Raleigh is seeing a resurgence in young professionals choosing city life.
Ann-Cabell Baum sells real estate in high-end developments like Park Deveraux. She is also a resident. She says her clients want to work and play in the same place.
"That's kind of nice. To be able to walk over to 42nd Street Oyster Bar or leave work early and hit the Flying Saucer, so that's neat," she says.
Residents pay a premium for architecture and a unique view, anywhere from $150 to $210 a square foot. Downtown living is in such demand that hundreds of new units are on the drawing board.
Thirty-five condos are planned for the old Hudson Belk Building on the Fayetteville Street Mall, but they will not be as pricey as some of their high-profile neighbors. Errol Frailey of the Downtown Raleigh Alliance says that will help downtown thrive.
"If you think about it, 280 units have been built in the last four years. In each case, people are satisfied and excited about it," he says. "We're trying to achieve balance and obviously, everything under $200,000 makes it a lot more affordable to people," he says.
Another developer is planning to build about 100 affordable homes in downtown Raleigh.