High-end condominiums that emphasize urban, modernist design are planned for the south end of downtown Raleigh’s warehouse district.
It is the first new condo project in downtown Raleigh since before the recession.
The project, announced Wednesday, will be called The Fairweather and will be situated on a hill at 525 S. West Street at Lenoir and Harrington streets, providing a 360 view of that part of Raleigh.
The plan is for a five-story building with about 45 units, from 838 to 2,645 square feet. Four floors will feature one-, two- and three-bedroom units that range in price from the upper $300,000s to the $600,000s. The fifth floor will have penthouse suites from $700,000 to $1 million.
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It is scheduled to open in early 2019, but plans must be approved by the city before any work can move forward.
The condos will be in an area that is buzzing with new construction to accommodate devotees to downtown living.
“The Fairweather represents the leading edge of design for Raleigh and will make a bold statement on the skyline,” Frank Thompson of 4 Line LLC, the developers, said in a statement.
Thompson helped bring the nearby Contemporary Art Museum to the warehouse district in 2011.
His partner in the project, longtime local developer Lee Norris, said architectural aspects and expensive construction methods will define the building. He said Thompson approached him about a year ago to propose a project that was more “architecturally focused” than some other developments in the area – a consensus reached in a previous symposium on improving Raleigh’s looks.
The sponsors of the project brought in the Raleigh Architecture Company. The firm came up with key design elements like 20-foot ceilings, mezzanines, sleek finishes and balconies with a view.
In addition to 4 Line, which is sponsoring the project, Greymont Development will be the developer and Monarch Realty will provide a sales agent and broker.
The developers spent $1.8 million assembling the land for the condos from several different owners. The spot is now the site of an old warehouse and two unoccupied houses that will have to be torn down, Norris said.