RALEIGH — The NRP Group, a Cleveland-based developer, plans to begin construction on a new 223-unit apartment complex in downtown Raleigh next week.
The six-story complex will be the second phase of Edison, an office and residential project that will occupy the entire city block bounded by Martin, Wilmington, Blount and Davie streets.
NRP paid just over $6.1 million for a roughly 1.4-acre site, according to Wake County property records. The site includes the original Davie Street location of Clyde Coopers Barbeque.
This is NRPs first project in the Triangle. It is a joint venture with local developer Gregg Sandreuters Beacon Partners. Sandreuter acquired the land for Edison in 2007.
NRPs complex will be built adjacent to SkyHouse Raleigh, the $60 million, 23-story luxury apartment tower that is now under construction across Blount Street from City Market. SkyHouse is expected to open in December. NRPs project is expected to open in December 2015.
The third and final phase of Edison is a 315,000-square-foot office building planned for the southeast corner of Wilmington and Martin streets. Sandreuder said Monday that his hope is to begin construction on the office building in the first quarter of 2015.
After years of adding no new inventory, downtown Raleigh is now seeing a wave in new apartment construction. Last week, developers held a groundbreaking for The Lincoln, a 224-unit apartment complex that is to be built on a 2-acre block just east of Moore Square.
Greystar Real Estate Partners is also now building a complex at the corner of Wilmington and Polk streets, just south of the headquarters of the North Carolina chapter of American Institute of Architects.
Those projects are in addition to other new apartment communities that either recently opened or are under construction in Glenwood South and Cameron Village.