Raleigh, NC- Novare Group, Batson-Cook Development Company, and Edison Land LLC have issued the notice to proceed for SkyHouse® Raleigh, a 23-story, 320-unit high-rise apartment community on the southwest corner of Martin and Blount streets in downtown.
SkyHouse® Raleigh is the seventh SkyHouse project and follows the successful SkyHouse Midtown in Atlanta, Georgia. There are under-construction SkyHouse projects in Austin, Texas; Orlando, Florida; Houston, Texas; Dallas, Texas and Atlanta, Georgia. The experienced development team, led by Jim Borders and Novare Group, includes co-sponsor Batson-Cook Development Company, general contractor Batson-Cook Construction, and architectural firm Smallwood, Reynolds, Stewart, Stewart.
“We are excited about our SkyHouse start in Raleigh,” said Jim Borders, President, Novare Group. “Our partnership allows the SkyHouse communities to be delivered at a competitive cost basis in urban locations where young people want to live but where tower costs can be a hurdle. We are very proud of the product, the team, and the fact that life will be exceptional for the residents of SkyHouse in downtown Raleigh.”
BBVA/Compass Bank is providing construction financing for the project, and NGI Investments, LLC, led by Borders, and Batson-Cook Development Company are providing equity. Edison Land LLC is the land owner and local development partner, Jim Allaire of Cushman & Wakefield/Thalhimer brokered the land, and Robert LaChappelle, Jonathan Rice and Paul Berry of the Atlanta office of CBRE advised on financing.
The project is targeted toward Generation Y professionals who want to live in the city close to business centers, night life, culture, and public transportation. SkyHouse Raleigh will be designed to minimize the impact on the environment while maximizing appeal to its residents.
“The Edison Project is transforming downtown Raleigh into a live-work-play center,” said Gregg Sandreuter, Managing Partner for Edison Land LLC. “SkyHouse Raleigh is a critical component in providing young professionals an exceptional living experience in one of the most exciting redevelopments in the state.”
SkyHouse features residential units of one, two and three bedrooms with high-end finishes and floor-to-ceiling glass. The signature “SkyHouse” is situated on the 23rd floor with a club room, fitness area, and outdoor plazas that include a swimming pool, fireplaces, covered outdoor lounges, and 360-degree views of the city.
“This is a demographically driven program targeting younger residents who desire convenient, transit linked and efficient residences. Between the years 2012 and 2017, 4.2 million people will turn 22 every single year and for many in this demographic, they will find SkyHouse to be an ideal place to call home,” said Mark Stewart, Director of Investments, Batson-Cook Development Company.
SkyHouse Raleigh will have 5,400 square feet of retail in addition to the 320 apartment residences. It is a part of the Edison Project, a mixed use real estate development that will feature office, retail and residential development in downtown Raleigh.
About Novare Group
Novare Group is a real estate development and investment company headquartered in Atlanta, Ga. consisting of several investment and operating companies, including Novare Group Holdings, LLC, NGI Investments, LLC, Novare Events, LLC, HomeOwners Advantage, LLC, and TWELVE Hotels and Residences, LLC. Since 1995, Novare Group has developed over 8,500 high-rise residences in 28 buildings around the Southeastern United States. Learn more by visiting www.novaregroup.com.
About Batson-Cook Development Company
Founded in 1963, Batson-Cook Development Company is a wholly owned subsidiary of Kajima USA. It is a fully integrated real estate organization providing development and capital solutions primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, the firm offers a wide variety of real estate services from development and construction, to equity and credit enhancements, to brokerage and property management. Learn more by visiting www.batsoncookdev.com.
About Edison Land LLC
Edison Land LLC is a privately held commercial real estate investment company with its offices in Raleigh-Durham, North Carolina. Gregg Sandreuter is the Managing Member of the company and is the master developer for the Edison block.