Written by Lauren K. Ohnesorge | TRIANGLE BUSINESS JOURNAL
The $54 million Edison Apartment project in downtown Raleigh is officially a go – and, according to Raleigh developer Gregg Sandreuter, managing director of Beacon Partners, it will complement the 23-story SkyHouse apartment building being constructed nearby.
The six story structure already has secured financing via debt and equity, and is being constructed through a joint partnership with NRP Group of Cleveland, Ohio. The building would be in the shadow of the SkyHouse building already starting to reshape the skyline downtown.
“I think that these buildings are really going to be complimentary,” Sandreuter says. “Our goal is to offer something for everybody.”
The building is scheduled for completion in December of 2015., nearly a year after SkyHouse’s projected opening date of January, 2015.
The project has been two years in conception and has already meant big changes downtown, such as the relocation of Clyde Cooper's Barbecue. Construction should start in about a week on the Edison, which will also have a first-floor retail element.
The Edison will be located on the north site of Davie Street between its intersections with Wilmington and Blount Streets, with 239 apartment units and 18,683 square feet of retail space.
Sandreuter has been the lead developer for the site since Charlotte-based Beacon Partners acquired the 4-acre property from Progress Energy in 2008.