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Commercial Real Estate Stuff…

Morrisville Continues to Take Shape…

Morrisville continues to grow up. Their focus to develop what so many other suburbs already have…a downtown district. Think…Wake Forest. Think…Apex. Think what Holly Springs and now Rolesville are attempting to do. A center place. A place to gather.

With the decision to develop a downtown district a developer must be chosen, right? Check that off of the to-do list. Morrisville selected Singh Development to run this project. Singh will commence the project in 2022 as they are already engaged with the town of Morrisville. Discussing plans that could include hundreds of residential homes and of course, commercial space. With offices in Cary and Michigan, Singh is uniquely positioned as they understand the local market and municipalities while bringing in outside ideas.

Morrisville – Town Center

Where exactly will the Town Center be? Well, you know about the new library there that opened last year? Yep, right there. What separated Singh from the other 2 developers that were considered (CASTO & JRL Real Estate Company)? The Assistant Town Manager suggested that they really liked Singh Development’s plans and designs that include large public spaces that would allow the town to attract visitors. This assists the town in it’s attempt to build an identify.

Not to be built all at once, the town anticipates phasing this project. They anticipate approximately 250 residential units and around 35,000 square feet of commercial space. The town decided to utilize the The DFI (Development Finance Initiative) to initiate a phased development plan. This is a program offered by UNC School of Government that works with small, local municipalities to attract investment partners.

Loading Dock – Wake Forest, Getting Closer…..

According to Brian Fuhs of Loading Dock fame is sharing his excitement with anyone nearby. Loading Dock, Wake Forest is getting close to opening! Focus Design Builders has been hard at work making it happen and Wake Forest residents Can Not Wait!! What is it, you ask? It is an entrepreneurial ecosystem in downtown Wake Forest. A business incubator and co-working space that will create up to 150 new jobs. It will have outdoor event space, food options, commercial kitchen, conference rooms, offices. etc… I had the pleasure of touring the North Raleigh location recently and cannot put into words how cool this place will be.

Loading Dock – Wake Forest

Speaking of Co-Working … Industrious Inks Deal in Chapel Hill

Chapel Hill is the new home for Industrious. A firm that provides space all around the country. They offer private offices for lease. Not new to the Triangle, rather an expansion that has continued for four years. Rather than the trend that started with the tech boom of open concept offices and bullpens, Industrious focuses on private office space.

The Gwendolyn: a beautiful 4 – story Class A office building featuring 109,000 square feet located on 101 Glen Lennox Drive historic Glen Lennox community. The target is to open fall of 2022. So, how much space is Industrious taking? According to the Triangle Business Journal they will take 27,000 square feet. Want to know one of the incentives if you decide to lease space from them? Chapel Hill Coffee Shop has opened there as well!

The entire 3rd floor will be the space occupied by Industrious. Currently the other 2 locations in the Triangle are in Raleigh. One in Charter Square and one in Wells Fargo Capitol Center. Chapel Hill and it’s business community continues to rebound strongly. Both on Franklin Street and through the city. As many Tar Heel fans will tell you, the sun always shines in Chapel Hill.

Stadium of Champions

The Wake Forest Cougars football team has won multiple state championships recently. Their history runs deep. Occupying the stadium originally built for Wake Forest College back in 1940 and named Groves Stadium at that time, the Cougars and their fans are in for a treat. Holding 20,000 people at one point it was renamed to Trentini Stadium in honor of a former Wake Forest College player there, Anthony Trentini. I mentioned that the Cougar faithful are in for a treat…the senior class this year has had to play all fo their home games…on the road. Why? Because the stadium is getting a total overhaul. Wake County Board of Education put the project our for bid and BAR Construction Company was the low bidder at $6.6 million dollars. They are demolishing the grandstands, the field, and the track. With modern drainage systems being installed, the home of the Cougars should be a great place to catch a game next fall.

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