RALEIGH, NC—The SkyHouse concept is one step closer to becoming a reality in Raleigh, NC. Novare Group, Batson-Cook Development Company, and Edison Land LLC have issued the notice to proceed for SkyHouse Raleigh, a 23-story, 320-unit multifamily community on the southwest corner of Martin and Blount streets in downtown.
SkyHouse Raleigh is the seventh SkyHouse project and comes on the heels of SkyHouse Midtown in Atlanta. SkyHouse projects are under construction in Austin, Orlando, Houston, Dallas, and Atlanta. The development team, led by Jim Borders and Novare, includes co-sponsor Batson-Cook, general contractor Batson-Cook Construction, and architectural firm Smallwood, Reynolds, Stewart, Stewart.
“We are excited about our SkyHouse start in Raleigh,” says Borders, president of Novare. “Our partnership allows the SkyHouse communities to be delivered at a competitive cost basis in urban locations where young people want to live but where tower costs can be a hurdle.”
The multifamily development targets Generation Y professionals who want to live in the city close to business centers, night life, culture, and public transportation. SkyHouse Raleigh will be designed to minimize the impact on the environment while maximizing appeal to its residents.
SkyHouse features residential units of one, two and three bedrooms with high-end finishes and floor-to-ceiling glass. The signature “SkyHouse” is situated on the 23rd floor with a club room, fitness area, and outdoor plazas that include a swimming pool, fireplaces, covered outdoor lounges, and 360-degree views of the city.
“This is a demographically driven program targeting younger residents who desire convenient, transit linked and efficient residences,” says Mark Stewart, director of Investments at Batson-Cook. “Between the years 2012 and 2017, 4.2 million people will turn 22 every single year and for many in this demographic, they will find SkyHouse to be an ideal place to call home,”
SkyHouse Raleigh will have 5,400 square feet of retail in addition to the 320 multifamily units. It is a part of the Edison Project, a mixed-use commercial real estate development that will feature office, retail and residential development in Downtown Raleigh.
BBVA/Compass Bank is providing construction financing for the project, and NGI Investments, LLC, led by Borders, and Batson-Cook are providing equity. Edison is the landowner and local development partner. Jim Allaire of Cushman & Wakefield/Thalhimer brokered the land. Robert LaChappelle, Jonathan Rice, and Paul Berry of the Atlanta office of CBRE advised on financing.
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