A Washington, D.C.-based residential developer purchased a vacant property for a mixed-use building in the Glenwood South neighborhood on Peace Street between Glenwood and North Boylan Avenues downtown, expanding the company’s ventures to Raleigh for the first time.
Lock7 Development closed the $1.65 million sale on Tuesday and announced plans to build 24 condominium units in a four-story building with 1,500 square feet or more of retail space, depending on demand.
Construction is set to begin in early 2020 and be completed sometime in 2021. The 615 Peace St. site, currently referred to as the “Peace Street project” by Lock7, will feature one- to three-bedroom condos of varying prices, sizes and layouts, and will have a rooftop terrace and parking.
“We’re really excited to be bringing more housing options to downtown Raleigh,” said Lock7 principal David Gorman in a press release. “With so many employers choosing to locate in the city, there is a real demand for more condominium units.”
Gorman said this is the first of “several” planned developments for Raleigh.
“Our bread and butter coming from D.C. is urban infill, siting locations that are super convenient, walkable to amenities and maybe work, even,” said Erin Crowder, operations manager at Lock7. “We’ve seen as traffic gets worse in Raleigh with companies relocating there we saw a need for more housing downtown and for people to move back downtown.”
The site is next to a Mellow Mushroom and Starbucks and adjacent to the Glenwood corridor of bars and restaurants.
Lock7 also has a property under contract near Cameron Village, where it is also planning condos, Crowder said. She said the timeframe for the two projects is roughly the same.
CORRECTION: An earlier version of this story omitted the words “of retail space” after “1,500 square feet or more.” Erin Crowder was incorrectly quoted as saying “signing” instead of “siting.”