Another new apartment complex is set to break ground in Raleigh’s Glenwood South area.
The Gramercy, a 203-unit, 6-story project planned for 401 Glenwood Ave., is scheduled to begin construction this fall. It is being developed by Raleigh-based Blue Ridge Realty and Lowe Enterprises Investors, which manages real estate investments for institutional and high-net worth clients.
The Gramercy will also include 6,900 square feet of ground floor retail and a 260-space parking deck. The site is at the corner of Glenwood and W. North Street.
The project was first proposed in 2011. Blue Ridge Realty owns an office building that occupies a portion of the site where the apartment complex is to be built. Demolision of the site began this week.
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Blue Ridge Realty also partnered with Trammell Crow Residential to build the 222 Glenwood condominium project.
Glenwood South has seen a wave of new apartment construction in recent years, and several other projects are scheduled to open over the next 18 months.
They include Southern Land Co.’s Devon 425 project at 425 Boylan St., which will include 261 units and is expected to open later this year; and Grubb Properties project Link Glenwood, a 204-unit complex being built on a 1.27-acre lot at North West and West Jones streets, across from the 42nd Street Oyster Bar.
Link Glenwood is scheduled to open in the summer of 2015.