We knew this was coming but it doesn’t make it any easier to stomach. Today, Jack Hagel’s N&O business column updated the status of Bobby Lewis’ charm removal system for Raleigh’s 5-Points neighborhood. It brings to mind the NY times article this Sunday about people who live in New York City (even though they aren’t rich) and their hopes that the crashing economy might make New York City affordable again. Maybe they’re on to something: Maybe recession is preservation’s best friend? Let’s hope demolition doesn’t begin until they’ve pre-sold half of those 42 condos.
From the N&O:
Plans are shaping up for a mixed-use development in Raleigh’s Five Points neighborhood.Developer Bobby Lewis last week filed preliminary site plans for The Fairview on 1.1 acres next to the post office on Fairview Road.
The four-story, 55,500-square-foot project would take the place of three houses-turned-shops that sit on the property.
The project would belly up to Fairview with parking in the back and would include up to 42 residences over ground-floor shops.
Okay, let’s play The Price is Right. The Magnolia Fountains at 5-Points: Distinctive residences starting at $__________________.
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Ugh. Thanks, I guess, for posting this. Ugh.
I’ll guess they start at $360k. Do I win a condo if I’m right?
the quoted article says the project is called The Fairview, not some “Magnolia Fountains”. Since it sounds like the condos will be
Mr Bromhal is correct. “Magnolia Fountains” was just a joke. Okay, it is called “The Fairview” on Fairview.
Mr Bromhal, will you me marketing these condos? I’ll guess they start at $325. Did my guess beat James’s guess?
My guess is about $300k for one bedroom. Insane, but sadly it wouldn’t surprise me.
You are all low, I was at the 5 Points CAC meeting in December 07 when Mr Lewis and company presented this plan. He was anticipating 400$ /sq ft and one reserved parking spot per unit. Additional parking was to be shared with the commercial units on the first floor. Not sure if this has changed since then
Appalling project. I point out that the perspective lines and scale in the rendering are skillfully manipulated to make the new building appear much smaller and less out of proportion with its surroundings. Dishonest and shabby.