A longtime Raleigh developer is moving ahead with work on a new condo building in N.C. State’s Centennial Campus.
White Oak Properties is beginning work on the LakeShore condos, the latest phase of the company’s ongoing development on the campus.
Plans call for multi-story condominium building that will house 44 new units on the shore of Lake Raleigh. It’s the latest phase of a large residential development on university property.
“We’ve been over there for three or four years building townhomes,” said White Oaks Properties founder Roland Gammon. “Now, we’re down by the lakefront.”
The project is situated in Centennial Campus at 1101 Capability Dr. on the north side of the lake, with Lonnie Poole Golf Course located across the lake.
Unit pricing will range from as low as $199,999 for a 694-square-foot studio unit to as high as $419,900 for a 1,164-square-foot, three-bedroom unit. Already, 16 units are under contract, with a 17th being written up today, said Ann-Cabell Baum, owner of Glenwood Agency Real Estate.
The building will be split between three and four stories, with the 4-story side sitting on the lower end of sloped ground overlooking the lake, with access to a greenway around the lake.
“It’s a really great location,” Baum says. “It feels like you’re in the mountains.”
The site of the project is owned by the State of North Carolina and is made available through a 99-year ground lease signed by the developer.
The new condos, called LakeShore Raleigh, are the next phase in a residential project that’s been underway for years on the campus.
When White Oak Properties first started the project, the property already had several existing buildings with a few dozen units, Gammon said. The company built out an amenity area, and it is currently working toward the completion of seven townhome buildings.
After the LakeShore condos are complete, the company has plans for another condo building and four additional townhome buildings.
Upon completion, the project will feature a total of 19 buildings with up to 168 residential units, according to recent filings with the city.
Raleigh-based JDavis Architects is the architect on the project, and Cary-based Withers-Ravenel is the engineer.
White Oak got its start in 1982. Its past projects include the Church+Main and Mangum Flats condominiums in downtown Durham as well as 1300 St. Mary’s in Raleigh.
Today, the company has several developments underway, including an upscale townhome project in downtown Durham featuring 11 units with space specifically designed for short-term rentals.
Original Article Source: Triangle Business Journal