Thursday, October 21, 2021

Triangle Business Journal

Minnesota developer maps new Raleigh apartments for latest Triangle project

A developer with a growing footprint in the Triangle has filed plans for a new affordable housing project in Raleigh, joining a number of commercial projects the company has in the works in the area. 

Minneapolis-based Oppidan Investment Co. filed plans for The Pines at Peach Road, calling for 119 apartments on the south side of the city. 

The project is situated on 4.5 acres at 505, 514, 601 and 605 Peach Road near where South Wilmington Street meets South Saunders Street south of the Beltline. The land is currently owned by Cary-based Opportunity One LLC. 

Filings with the city show an apartment complex three and four stories tall as the topography slopes downward. The apartments will include a collection of one-, two- and three-bedroom units across five buildings. 

No timeline or pricing information was included in documents available online, and Oppidan officials declined to comment this early in the project.

Raleigh-based BGE, Inc. is handling engineering. Raleigh-based Cline Design is the architect. Richmond, Virginia-based Johnson Mimiran & Thompson, Inc. is the surveyor on the project. 

The project joins other projects by Oppidan in the Triangle, including a 4-building industrial development and a 32,000-square-foot mixed-use project called Highline – both in Apex. It also joins a number of affordable housing projects in Raleigh, as demand for housing continues to push home prices out of reach for many lower income residents. 

Earlier this year, Greystone Affordable Development and co-developer Haven Developers, out of Durham, filed site plans for New Bern Crossing, a 192-unit affordable housing community in Raleigh. The companies are piloting a program to help families experiencing or at risk of homelessness.  

Elsewhere in the city, Passage Homes is gearing up to file a rezoning request in the coming months to allow for an apartment community up to four stories tall in Raleigh's South Park community.

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