The developers behind the luxury condo project The Fairweather have new plans for downtown Raleigh.
Four Line LLC, a firm out of Raleigh, has applied for a rezoning of the property at 401 W. Cabarrus St., a parcel of land that is adjacent to the company’s under-construction condo project as well as Union Station in downtown’s Warehouse District.
The property is zoned for five stories, but Four Line has asked for permission to go up to 12 stories on the property.
The firm is interested in either building multi-family residential, a hotel or a combination of the two, said Jim Schaafsma of Four Line, adding that the company has no timeline for deciding yet.
“We think it would be a great location for a boutique hotel,” Schaafsma said.
Four Line says it is under contract to buy the 0.6-acre property, pending rezoning. A sale price has not been revealed yet. The land is currently split between three different owners: Urban Ministries of Wake County, which houses its Helen Wright Center for Women there, the affordable housing organization CASA and Fairweather Properties LLC, according to the rezoning request. Fairweather Properties LLC is not related to the condo project.
Mary Jean Seyda, the CEO of Casa, confirmed that the organization’s property was under contract, adding that the nonprofit planned to reinvest the money from the sale back into the organization.
“We are a nonprofit housing developer, so we are growing the number of affordable rental units in Raleigh overall,” she said in an email. “The sale of this building will be reinvested in our affordable housing mission.”
Efforts to reach Urban Ministries were not immediately successful.
Schaafsma said the success of The Fairweather, which is nearly two-thirds under contract, encouraged the company to seek another project in that part of downtown. Some of the condos at The Fairweather are going for more than a million dollars. Four Line is also working on a condo project in downtown Durham.
“It’s attractive for the same reasons that we pursued the original project, especially with more evidence that it is attractive to buyers and renters,” he said, noting that excavation work could start next month on The Fairweather. “We like that area and, of course, others do too.”
Schaafsma was referencing the nearby Clancy & Theys property that Kane Realty has under contract. Kane is also going through a rezoning request there, asking to build up to 20-stories on Cabarrus Street. The Clancy & Theys property could be the home of three separate buildings, holding office space and apartments.
Another rezoning request in the Warehouse District is being pursued by Raleigh architect Steve Schuster’s firm, Clearscapes. The architectural firm wants to redevelop two historic, former warehouse buildings on West Martin Street near Nash Square and has asked to build up to 12 stories.