Five Points Redevelopment

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Five Points Redevelopment

KmartFan
Hello!

Longtime reader here, first time poster. I'm curious as to what will be happening with the Five Points redevelopment now that the economy is slowing down...I've been eagerly following this construction project ever since I heard that Austin Lawrence had planned to tear down SouthBank. I know in past posts people have speculated that a lot of these projects will be on hold indefinitely.  (I emailed Austin Lawrence actually asking them about it but I doubt they'll be able to give me a clear answer due to legal reasons....)

I hope that even if it's postponed it'll eventually go foward. The sketches they've published look amazing!
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Re: Five Points Redevelopment

Durham_Transplant
This project didn’t seem to have very much momentum even before COVID. I know I’ve posted this a number of times but they’ve owned the property since 2013. Understand that One City Center project was way behind schedule so I’m sure that was a factor in the timeline. Also have heard complete speculation that the One City Center project has underperformed projections. And obviously Unscripted has to be suffering tremendously right now. But until/unless they sell the property I’ll assume they still plan to develop it at some point.

Looking around Durham right now it seems everything is understandably on pause. The large apartment development on Roxboro had the site prepped but no activity for months. Same for the new mixed use project at the Venable Center. Northwood has had some “community engagement” forums on Northgate and recently shut down the mall for good but no details beyond that. Crickets for basically years now on ATC2 and South Bank. I’d love to know a realistic timeline for getting any of these projects going again but it seems certain to take quite some time as folks struggle to understand the fallout from the pandemic and what things will look like on the other side. Wouldn’t be totally surprised to not see major movement again until 2022.



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Re: Five Points Redevelopment

Dave @ Building Bull City
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I just posted on GeerHouse, which was originally reported in the TBJ. That is some big news.

The last I heard a little while ago from Austin Lawrence was they were steadily moving towards realizing those plans for the South Bank site. I agree that if there were delays, they may not be forthcoming with that info, though.

Big projects take time and I am with Durham_Transplant in that it will likely happen sooner or later, but may be more later than sooner.

Durham_Transplant - not surprised that One City Center is underperforming with apartment units at over $3/SF!
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Re: Five Points Redevelopment

eastofdowntown
GeerHouse looks awesome!

I don’t have any info here, but talking “post pandemic development” - the put up a silt fence and started clearing the lot next to BullHouse this week. Looks like frontage is totally on Pettigrew, other borders being Elizabeth and Jackie Robinson Drive...
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Re: Five Points Redevelopment

Durham_Transplant
More apartments going next to BullHouse somehow. Housing supply of the non-SFH variety seems to be going crazy recently. Can’t understand how there’s so much demand but then I hear from people trying to buy a house and competing against 10+ offers so what do I know.