Developer charts affordable housing near NC State in Raleigh
Affordable apartments could be coming to land near the North Carolina State University campus in Raleigh.
Blue Ridge Atlantic Development of Raleigh has filed new site plans for an affordable housing development for residents making 80 percent or less of the area median income. The plans show 144 apartments in the development.
Site plans show there will be 36 one-bedroom units, 60 two-bedroom units and 48 three-bedroom units in three 4-story buildings. There will also be a clubhouse, pocket park, covered picnic area, playground and bike-share station. Surface parking includes 188 spots.
Blue Ridge Atlantic Development did not respond to request for comment on the project.
A release from the Wake County Board of Commissioners says the county will provide a loan of $5.755 million to help build the project, named Parkside Apartments.
Parkside Apartments will be on 4.89 acres at 1329 Kent Road, which is mostly forested now. The property has an assessed value of $1.46 million.
Total funding for the project is estimated at $49.3 million.
Rent will range from $637-$2,017, according to the Wake County release. Blue Ridge Atlantic Development is hoping to break ground by June 2024.
“The approval of funding for the Parkside Apartments project underscores our commitment to creating a community where every resident has access to safe and affordable housing," Shinica Thomas, chair of the Wake County Board of Commissioners, said in the release. "This initiative aligns with our efforts to enhance community vitality and improve the quality of life for our residents."
The City of Raleigh dedicated $6 million to buy the land and lease it back to Blue Ridge Atlantic Development. The city acquired the property in November for $5.76 million.
Affordable housing has been popping up more and more across Wake County as the county works to address its housing affordability issue. Oppidan Investment Co. is building a 119-unit affordable housing project in south Raleigh with plans for two others in the city.
South Creek Development has proposed 142 affordable units in south Raleigh, and a group of developers is working on building an affordable housing development with 200 units, also in south Raleigh.
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