712 Tucker Converts to Apartment Complex

by Ashton

712 Tucker, the development slated for the block of downtown bound by St. Mary’s, Boylan, Tucker, and Johnson Streets is making a conversion to apartments. The decision is not really a surprise at all, as it was a possibility from very early on and Crosland is more frequently known for their apartment projects than their condo developments.  Initially the project was rumored to potentially be half condo and half apartments, then it was publicized as all condo, but the sales team has recently released a letter to prospective buyers that it will become an apartment complex. The project will tentatively be called The Lofts at Glenwood South, a nice change of pace from street addresses, though not much more creative.

Representatives for the project say that the decision to convert has nothing to do with a lack of sales as the price point was a very desirable one for many younger buyers, but it is instead a response to market demands for more rentals in the downtown area. Speaking with other industry leaders proves that this is a widely held view, and that downtown Raleigh actually does not have enough rentals to meet market demand. The Lofts will very likely add a density of younger professionals who cannot yet afford to buy but want to be a part of downtown; this should in turn add more life to the Glenwood South area on non-weekend days.

For those concerned that the project will be Oberlin Court part deux, rest assured it will be the same physical structure, the same finishes, the same amenities, and very likely the same floor plans originally planned for 712 Tucker. Currently there are 179 units planned and there is no word yet on what rental rates will be, though I imagine they will be similar to Oberlin Court. All in all, I think it’s a fantastic move by Crosland and they deserve kudos for responding to the needs of the market.

Comments

[Raleighrob]

This makes sense. Downtown has a bunch of condos recently built and more on the way. But how many new apartments built downtown in the past decade? Not many at all. And when you think of young adults who want to live near downtown....plus state government workers there who aren't paid enough to buy an overpriced condo....I'd say the demand for apartments is probably way higher than for condos.