A 10-unit row house project east of downtown Raleigh is expected to be finished in mid-December.
Construction has already begun on 10Arros, a joint venture of Stuart Cullinan, president of Five Horizons Development, and Allen Ventures, a real estate investment and development company formed by former Raleigh city manager Russell Allen and his brother Craig Allen.
The group filed plans for the project last March. It will be built along the New Bern Avenue and Edenton Street corridor, across from City Cemetery.
The two buildings will have five 2-bedroom, 2.5-bath units each. Each 3-story condominium will have floor-to-ceiling windows, decks, hardwood floors, open-rail stairs, flex office space and parking space for two vehicles, including one garage space. Six interior units will have skylights to allow natural light to filter in. There will be rooftop decks and a fenced dog run.
Three units have already been sold, said listing agent Hugh Grist. The 2-bedroom, 1,600-square-foot units are listed for $450,000 with slightly bigger units listed for $485,000.
A .3-acre parcel of land at 533 New Bern Ave., the site of one of the 10Arros’ buildings, was last purchased for $70,000 in 2014 by Tephra Development, according to city property records. Cullinan is listed as the registered agent for Tephra with the N.C. Secretary of State’s Office.
It is unclear what the group paid for 537 New Bern Ave., the site of the second building.
Raleigh-based JDavis Architects designed the development.
The developers hope to attract “downtown buyers” by marketing the project’s proximity to restaurants and bars. “We’ve targeted that group because the location provides both,” Grist said.
Work on another row house project, Hargett Place, is currently underway at East Hargett Street between South Bloodworth and South East streets.
Hyde Street Holdings is building the 19 units designed to look like brownstones. The units range in price from $690,000 to $1 million.
Madison Iszler: 919-836-4952; @madisoniszler