Cameron Village may be the latest addition to the condo boom in Raleigh. Crescent Resources, a joint venture between Duke Energy and the Morgan Stanley Real Estate Fund, applied for an amendment to the Cameron Village streetscape plan, allowing for new construction up to 120 feet tall at the corner of Oberlin Road and Clark Avenue. The property is on contract to Crescent Resources by Regency Centers, developer and owner of approximately $4.6 Billion in real estate holdings from California to Massachusetts.
The new structure could hold as much as 28,000 square feet of retail and 290 new residential units. The building is expected to achieve LEED certification, and will be replacing a handful of historic buildings currently within Cameron Village including the Village Citgo building, an office building, and the old Ballantines Cafeteria. The City Hall hearing on the amended streetscape plan will be held on July 15th.
It’s unclear how long the path to approval for this project will be, but there will no doubt be some resistance to some of the longtime residents of Cameron Village who would like to see the tall buildings remain in downtown. I for one, would like to have more information before weighing in on the design.