Hargett Street and Boylan Avenue
in the downtown area.
The project, to be called
Bloomsbury Estates
, will consist of two 70-foot-tall buildings that will both have 47 condominiums covering a total of 155,760 square feet on a 2.11-acre site.
Currently there is a building on the site that will be demolished to make way for the condominium project.
About 400 new housing units have been constructed downtown in the past five years.
Another 750 units are currently under construction, and building is set to begin on an additional 500 units in the near future.
All told, Raleigh expects more than 1,000 new housing units in the downtown area by 2008.
These new units are expected to boost the number of residents living downtown to about 5,000.
The housing stock will continue to grow downtown as about 1,500 additional units are in the planning stages, city officials said Tuesday.
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