Raleigh’s first continuing care retirement rental community will soon be coming to North Hills, thanks to the early December issuance of building permits for the project, which is known as the Cardinal at North Hills.
Plans for the $40 million, 400,000+ square-foot facility were drawn up by Cline Design Associates, the North Carolina firm behind the award-winning design of the Salvation Army’s Judy D. Zelnak Center For Hope on Capital Boulevard.
The Cardinal will be unique from many other retirement communities in that it will offer its residents a month-to-month rental option instead of requiring a significant entrance fee or the purchase of an equity interest in the property.
In addition to assisted living, memory and nursing care, the complex will also feature an indoor pool, a chapel, a library and a card room with a wet bar, but, tragically, no video arcade.
These luxuries come at a cost, of course — rent starts at $4,500 a month for the one-bedroom, 800-square-foot “Salisbury” and goes all the way up to $8,954 for the Edenton, a 3-bedroom, 2,000-square-foot setup that also includes two walk-in closets. There are a total of 298 units.
Of course, for the price of the cheapest room, it’s feasible one could elect to, for instance, stay at a nearby hotel instead. We recommend Embassy Suites Crabtree, mostly due to the presence of Raleigh the parrot in the lobby, but really, any hotel would probably be more exciting than even the poshest retirement community. Unless that community is in Florida, apparently.
Two of the area’s better chain restaurants — Chick fil-A and Dominos — are set to undergo some minor renovations this month. The Dominos at 2603 Glenwood, which delivered an excellent medium cheese pizza to this reporter last week, is scheduled for $34,000 worth of work, while the Chick-fil-A at Brier Creek will have $65,000 worth of alterations done. Everything really is more expensive at Brier Creek.
Those seeking out a slightly more upscale dining experience will be pleased to learn that permits were issued recently for a second location of Spring Rolls, an Asian-fusion restaurant. The upscale eatery will be located off Wade Park Boulevard near the PNC Arena, a ten-minute drive from its existing North Hills location.
Although it’s hard to compete with a place named after one of the world’s most delicious appetizers, The First Watch daytime cafe is certainly doing its best to give Spring Rolls a run for its money in the category of best new restaurants permitted last week. With a menu that includes everything from the Chickichanga tortilla to Key West Crepeggs, it might not be a bad idea to start the day there and finish it at Spring Rolls.
Coincidentally enough, th new First Watch location will also be its second in Raleigh. The breakfast cafe opened on Glenwood Avenue in North Raleigh earlier this year; this one will be found at the Plantation Square shopping center on Capital Boulevard. The company has announced plans to open three other locations in the region.
Like the luxurious amenities at the Cardinal, all these delicious foods — pizza, spring rolls, Chickichangas — come with a cost, albeit one that’s more apt to expand your waistline than shrink your wallet. So it’s fortunate that permits were issued recently for Raleigh Personal Training, which will be located off Spring Forest Road near Capital Boulevard.
According to the permits, the fitness center will occupy 6,000 square feet of space. An old listing for the property pegs the monthly rent at $3,750. Which maybe explains why gym memberships are so expensive.
While the Development Beat has served these past months as the city’s least-reliable source for information on the planning commission, the Record’s new city hall reporter, Chris Tepedino, has taken over coverage of the meetings.
You can read it here, and rejoice in the lack of weak jokes and forced Law & Order references.
Really though, there wasn’t much this week. They recommended approval for a parking deck. Woo-hoo.
By The Numbers
As much as we’d like to, we haven’t found someone to pass this section’s coverage off to yet, so prepare yourself for a dull look into November’s real estate and permit issuance numbers.
Real estate agents and local contractors didn’t have a lot to be thankful for last month, as the value of permits issued and property sold both declined from November of last year. November 2013 saw 644 real estate transactions with a total value of more than $500 million; this year’s 724 transactions had a value of just $269 million.
The biggest sale for the month was that of Manor Six Forks, an apartment complex off Six Forks Road near Atlantic Avenue. The property was purchased for $48.5 million by Illinois-based Sherman Residential.
Originally named Windsor Manor, the property has had a bit of a troubled history — after opening in 2010, the developers were hit with more than $6 million in lawsuits from contractors who were not paid in full. A mere two years later, it was acquired at a foreclosure auction by an investor, who then sold it to another company.
The month’s cheapest purchase was for a small plot of land behind the Southeast Raleigh Childcare Complex off Poole road, which sold for $2,100.
The number and value of permits issued in November also saw a decline from last year — 546 valued at $125 million in 2013, compared with 421 valued at $102 million in 2014.
The biggest permit issued last month was one valued at $20 million, for The Gramercy apartments near Glenwood South. The smallest? $100 for a “Reduced Pressure Zone Device” installation at “Just One More Bite.” For the curious, RPZD has something to with plumbing.
While the month-to-month numbers for November weren’t great, the year-to-date figures are slightly more encouraging. 2014 has seen 5,758 permits issued with a total value of $1.4 billion; through November of 2013 there were 6,235 permits valued at $963 million.
Real estate numbers are also on the rise — 2014 has seen 9,225 transactions valued at $5.3 billion, vs. 8,258 transactions valued at $3.99 billion this time last year. It is likely these numbers will continue to grow well into 2015 and beyond.