Elmwood Corrals Last Parcel for Raleigh Rental Project

Elmwood Development has completed its assemblage of Downtown Raleigh lots, and now it can get moving on a 12-story building.

The Triad Business Journal reports Elmwood recently acquired three lots in the Warehouse District near the Fairweather Condos for $6.48 million. The lots total a little over half an acre. Elmwood already owned two of the lots it needed for its plans to build a retail and residential building with a parking deck.

Site plans filed with the city show the project will have 298 residential units, 8,000 square feet of ground-floor retail and 289 parking spaces in a parking deck. There will be 222 one-bedroom units, 64 two-bedroom units and 12 three-bedroom units.

The residential lobby, a fitness center and retail space would front Cabarrus Street with the remaining retail along South West Street. The site is across from Kane Realty’s West End development and has two buildings on-site. Those buildings will be demolished to make way for the new development.