712 Tucker

[DPK]

Got this in the inbox the other day:

EXCITING NEWS ABOUT

712 TUCKER!

If you haven

[CHGuy]

I saw in yesterdays N&O that a demolition permit has been issued for 712 Tucker St. They have been doing some abatement work on the inside of the Raleigh Office Supply building for a couple of months now. It looks as if things are about to get rolling on this project.

[Damien]

Construction fencing was going up for this project a couple hours ago when I drove by.

[c_harmons]

on email>>>>>>picture will not forward

Come in now and reserve your spot at Raleigh's newest Glenwood South address!

The 712 Tucker sales center will be open Saturday March 31st at 11 am at the address below. Come view sample floor plans, building plans, and unit finishes.

Reservations holders will be assigned a reservation number based on a first come, first serve basis. Reservations holders will be called back for appointments in the order of their reservation number.

Reservations are secured with a signed reservation form, and a $2,000 check payable to Ray Residential Properties Escrow Account. If you cannot come in person to the sales office, please call (919) 838-6728.

512 St. Mary

[c_harmons]

Went down to put my reservation on 712 Tucker. Waited an hour. Pretty insane how many people showed up.

One of the agents said they had people there since 7:00 AM. The place didn't open until 11:00!

It will be interesting to see what interest rates do to people's commitment.

[ChiefJoJo]

Are they still only building 1/3 of the units as condos? That was the orginal intent... 59 condos, 118 apartments, or thereabouts.

BTW, the website says they are indeed starting at $155k up to $400k, and will open in 2008. The building site is still fenced off and I know they have a demolition permit, so it should commence soon.

[bikwillie]

I spoke with a friend of a friend yesterday that works for Crosland. He said that they have nixed the apartments in favor of all condos. I asked if it was a market decision and he said more of simplicity one. Too many issues with split HOA dues and building upkeep, shared amenities, buyers concerned about rents and renters, etc. In the end they found it simpler to do it all one way or the other.

[ChiefJoJo]

OK, that's actually really good news for c_harmons and others who wanted in to this complex... the number of available units goes from 59 to 177.

[CHGuy]

The demolition of the old Raleigh Office Supply building is in full swing. It is not long for this world. The loading dock projection was removed yesterday and the southwest corner of the main part of the building is being removed today.

[nadcock]

Question for all the construction knowledgable folks out there. Looking at Oberlin Court Phase 2 being built I assuming is basically watching the same thing as 712 as far as construction methods go. I was surprised to see that the apartments are all made from wood with brick on the exterior. I would have thought that these would have had a steel skeleton like most other projects around. What does this difference mean in terms of longevity, quality, and value?

[c_harmons]

Question for all the construction knowledgable folks out there. Looking at Oberlin Court Phase 2 being built I assuming is basically watching the same thing as 712 as far as construction methods go. I was surprised to see that the apartments are all made from wood with brick on the exterior. I would have thought that these would have had a steel skeleton like most other projects around. What does this difference mean in terms of longevity, quality, and value?

[ChiefJoJo]

About half the site is demolished now...

Wood is certainly cheaper to build, and the #1 reason that Tucker St is able to presell at $155k. I think the DOD (zoning code) allows anything below 75 feet in height to be built with wood framing.

[thewhister]

Something to consider.....

Although I am very excited about Tucker because I want to buy one, I wonder about downtown in 20 years.

Condos are the ONLY building that cannot be easily redeveloped. Apartments, office buildings, and retail can all be torn down and rebuilt. Typically a single owner. Condos will be there forever. Very hard to assemble condos.

Something to think about when we bash apartments as a residential option.

[dukedoc9]

condos take a long time to assemble. You have to buy out 90 owners as opposed to one. It can happen, but it does take longer then buying a building from one owner.

c-harmons is correct in redevelopment is easier with single ownership buildings.

[nadcock]

Value, quality, longevity, is the same as a single family house would be. Steel and concrete are used more for 5+ stories as they don't allow wood to be used that high. Steel and concrete are used in office and retail buildings too where they want the flexibility to move walls around. In wood structures the walls are load bearing and cannot be moved. I don't think there is anything wrong with wood. It is the most common residential building material. What other projects are you talking about that have used steel in residential buildings that are below 5 stories? I don't know of any but am curious.

[Jones_]

I could be wrong but it looks like 222, Paladium, and another condo project on Erwin Rd. in Durham all are using steel.

[thewhister]

condos take a long time to assemble. You have to buy out 90 owners as opposed to one. It can happen, but it does take longer then buying a building from one owner.

c-harmons is correct in redevelopment is easier with single ownership buildings.

[bikwillie]

Question for all the construction knowledgable folks out there. Looking at Oberlin Court Phase 2 being built I assuming is basically watching the same thing as 712 as far as construction methods go. I was surprised to see that the apartments are all made from wood with brick on the exterior. I would have thought that these would have had a steel skeleton like most other projects around. What does this difference mean in terms of longevity, quality, and value?

[CliffyB]

Site is 80% torn down!

[MireLanski]

The price is a lot cheaper. I don't mind it at all, I've seen lots of condo buildings in Northern Virginia framed up this way. The condos they are building at Atlantic and Six Forks are wood framed. Would I prefer a cast concrete or steel framed building? Sure. But it makes for a more affordable product. To me its a matter of the exterior treatment. Brick and siding? Fine. EIFS? Hell no. There's no way in in this world I'd buy one of those units at the Lassiter that was framed up and then covered in EIFS. I've seen pics of buildings in Vegas where they cut that stuff off and there's so much moisture inside the walls that the framing is rusted. It traps all of that interior moisture inside and imagine what that does to wood.

[cophead567]

just found out from a realtor friend of mine that ALL units are going to be rentals. She told me that they have not been getting the kind of support they want. They were expecting at least 20 reservations at the last home tour but only got 2. i hope this doesnt affect the overall project.

[RaleighRob]

^This could be considered Good News depending on your point of view.

Many folks here and on other boards have said that with all the condos that have been going up lately, what downtown's residential market would probably benefit the most from would be an increase in some good old fashioned city apartments.

I definitely think the demand is there...particularly if the rents are reasonable/affordable and not way out there.

[Jones_]

^This could be considered Good News depending on your point of view.

Many folks here and on other boards have said that with all the condos that have been going up lately, what downtown's residential market would probably benefit the most from would be an increase in some good old fashioned city apartments.

I definitely think the demand is there...particularly if the rents are reasonable/affordable and not way out there.

[nadcock]

just found out from a realtor friend of mine that ALL units are going to be rentals. She told me that they have not been getting the kind of support they want. They were expecting at least 20 reservations at the last home tour but only got 2. i hope this doesnt affect the overall project.

[ncwebguy]

I got a postcard for 712 at my Cameron Village PO Box, but didn't read it yet. I think it was sent before the home tour, so that might have been the last nail in the coffin.

As others have said, I think Glenwood South will benefit by having an apartment building nearby for the just out of college crowd not wanting to buy property yet and other people who want to be in the center of it all but can't afford $250+/sq ft.

They can collect rent for a few years as the market matures and then convert the building to condos at a later date.