The Creamery/Glenwood South Towers, 20 story office/32 story residential

[Richhamleigh, DC]

It's past mid-2022...

[carolina1792]

On 9/23/2022 at 1:03 PM, Mid South NC said:

 

https://www.turnbridgeeq.com/portfolio/the-creamery/?fbclid=IwAR2goYn1xA4hUvE-UoIOSE__IcAjkYvOJ5y81hgYfASmhLYgSMoyKu0zvCI

It's happening soon. The Ark Royal bar announced last week that they're closing down their location as the project is moving forward soon. 

"As part of this ever-growing city, our tropical location on Glenwood South is being torn down in the near future to build a new structure on the entire block. During this time we will be searching for a new location here in downtown Raleigh."

https://www.instagram.com/p/CiyPto5L7an/?utm_source=ig_web_copy_link

[KJHburg]

drove by the site today.  will be nice to see high rise behind the old Creamery building. 

[nicholas]

Project has been delayed, no new start date announced yet.

https://www.bizjournals.com/triangle/news/2023/03/30/creamery-project-in-glenwood-south-on-hold.html

[Jones_]

Are you all sure the Creamery is being preserved? The article mentions 410 Glenwood and Ark Royal both being demolished which are in the main part of the building. Is this some bullcrap facade preservation or just the tower? 

[nicholas]

On 4/3/2023 at 11:06 PM, Jones_ said:

Are you all sure the Creamery is being preserved? The article mentions 410 Glenwood and Ark Royal both being demolished which are in the main part of the building. Is this some bullcrap facade preservation or just the tower? 

That was what was announced originally and the preliminary renderings very clearly showed the Creamery building plus the expansion staying, with the rest of the block being built up.  Check the first page of this thread for the site plans as well. 

[KJHburg]

from the Triangle Biz Journal this morning new start date and delay further of office building understandable of course.

""Turnbridge Equities anticipates starting construction in mid-2024, beginning with the 32-story residential tower. The two-tower project also includes a 20-story office tower and preservation of The Creamery building at 400 and 410 Glenwood Avenue.""

Phase 1 is the residential tower. Davis said while the company would like to be able to start the second phase, the office tower, after the first phase is complete, the state of the office market will dictate the start of that.

In addition to a new start date, some of the details of the project have changed such as additional office space and residences. The office tower, 404 Glenwood, will have 280,000 square feet of office space instead of 250,000 and the residential tower, Highline Glenwood, will have 299 units instead of 261.

404 Glenwood will have 8.5 levels of parking with 11 floors of office space on top. The ground floor will also have about 10,000 square feet of retail space. There will be 12,000 square feet of amenity space and 13,000 square feet of outdoor terrace space as each floor will have private outdoor terraces.""

https://www.bizjournals.com/triangle/news/2023/07/25/creamery-project-glenwood-south-new-start-date.html

[RALNATIVE]

1 hour ago, KJHburg said:

from the Triangle Biz Journal this morning new start date and delay further of office building understandable of course.

""Turnbridge Equities anticipates starting construction in mid-2024, beginning with the 32-story residential tower. The two-tower project also includes a 20-story office tower and preservation of The Creamery building at 400 and 410 Glenwood Avenue.""

Phase 1 is the residential tower. Davis said while the company would like to be able to start the second phase, the office tower, after the first phase is complete, the state of the office market will dictate the start of that.

In addition to a new start date, some of the details of the project have changed such as additional office space and residences. The office tower, 404 Glenwood, will have 280,000 square feet of office space instead of 250,000 and the residential tower, Highline Glenwood, will have 299 units instead of 261.

404 Glenwood will have 8.5 levels of parking with 11 floors of office space on top. The ground floor will also have about 10,000 square feet of retail space. There will be 12,000 square feet of amenity space and 13,000 square feet of outdoor terrace space as each floor will have private outdoor terraces.""

https://www.bizjournals.com/triangle/news/2023/07/25/creamery-project-glenwood-south-new-start-date.html

The fact that they are scaling up is a good sign on the health of this market.

 

[RALNATIVE]

This updated rendering seems to show a taller residential tower than in the previous rendering.

 

[nicholas]

Think I read somewhere that this has increased to 34 stories.

[RALNATIVE]

39 minutes ago, nicholas said:

Think I read somewhere that this has increased to 34 stories.

The previous iteration was 32 stories. If they are adding approx. 38 more units we could reasonably assume that they would need to add floors.

 

[carolina1792]

36 stories according to their website, scroll to the bottom:

https://creameryraleigh.com/residential/

Structurally is around 38 floors and will likely be in the top 3 tallest buildings in Raleigh if nothing taller is in the works.  

[dmccall]

The Pine State building has such a distinct style to it. It's a shame that they aren't integrating some of the curves and ornamental column caps in the design. I'm not saying it needs to be yellow brick, but at least tie in the visual presentation a little bit.

[Jones_]

On 7/25/2023 at 9:51 AM, RALNATIVE said:

The fact that they are scaling up is a good sign on the health of this market.

 

I think the scaling up is to cover the cost increase for materials and labor that continue unabated. Nobody is scaling back of course because tangible indicators are not yet here but anecdotes abound that the population at-large cannot continue to afford only luxury apartments. You don't have to walk past too many new apartment buildings downtown to see with your own eyes that they are not filling up very fast at all. Seems like, soon enough, returns will show that as well. Other 'older' places like Elan-Downtown clearly have shifted some sort of gear as the folks hanging out on porches no longer appear to be 'young tech industry' types. Are some units cheeper now? Is section 8 being accepted? Is credit worthiness less strict? They are painting the exterior already in an attempt to maintain the upscale illusion. I hope its a soft landing but feels more like a crash from an investors POV is looming. 

[Jones_]

5 hours ago, dmccall said:

The Pine State building has such a distinct style to it. It's a shame that they aren't integrating some of the curves and ornamental column caps in the design. I'm not saying it needs to be yellow brick, but at least tie in the visual presentation a little bit.

The style of the Creamery is Art Deco and I agree it'd be easy to and the developers would do well to figure out some Art Deco features to use on their glass blocks. It doesn't have to be the Chrysler Building but something like Hearst/Truist in Charlotte would feel more natural next to the old girl. 

[KJHburg]

This is block over at Tucker and N West St.  9 story Moxy Hotel to be built.  

Moxy Coming to Raleigh - Connect CRE

[Jones_]

I can't tell without diving into property records...is this on the east side of the  the RR tracks or actually part of the Creamery block?

[KJHburg]

9 hours ago, Jones_ said:

I can't tell without diving into property records...is this on the east side of the  the RR tracks or actually part of the Creamery block?

It was supposedly all bought at the same time but now that parcel is owned by the hotel developer.  

[Jones_]

7 hours ago, KJHburg said:

It was supposedly all bought at the same time but now that parcel is owned by the hotel developer.  

Right, the actual location is very ambiguous. Tucker and West is that sliver on the east side of the tracks...was that part of the Creamery assemblage ? Or is the actual location just *near* Tucker and West on that parking lot south of the 610 parking deck? 

[KJHburg]

just a photo of the site today.  I could see the residential tower which is the taller tower getting started long before the office tower.    Glad the old Creamery building will be saved.   Raleigh does a much better job of that than Charlotte.