Commercial Investment Real Estate November/December 2017 | Page 42

REGIONAL
OUTLOOK
North Carolina’s Biggest Deal
On the north side of Chapel Hill, N.C., the more than $100 million
Carraway Village has proposed building up to 837,000 sf of new
multifamily, retail, office, and hotel space on 55 acres, with as many as
23 low- and mid-rise buildings. The community is poised to transform
the city’s semi-rural northern border and attract multiple regional visitors.
“Our vision for the project has always been to create a lifestyle
destination on the north side of town, with a mixture of uses, with
options to live, work, and play,” says Adam Golden, vice president of
development for Carraway Village developer Northwood Ravin.
Divided into three phases, Golden expects the first $70 million phase
to be completed in fall 2018, including 400 apartment units in 10
buildings, 8,400 sf of ground-floor retail stores, and the community’s
social hub, the 16,000-sf Village Green park area.
{ SOUTHEAST }
{ SOUTHEAST }
Orlando’s Robust Industrial
Market Hums Along
2Q 2017
{WEST}
Denver’s Arts Community
Spurs Urban Renewal
108.6 msf
Total inventory in the Orlando, Fla., industrial market
1.8 msf
6.88%
Overall vacancy
$6.28 psf
Average rental rate for industrial space in Orlando
on a triple-net lease
Source: Avison Young
40
November | December 2017
RiNo, or the River North Arts District, has become Denver’s hot neigh-
borhood due to urban renewal, special tax districts, and its robust arts
community, according to JLL. The transformation of an iron foundry into
a specialty food market called The Source, a new boutique hotel, food
market halls, and an upscale residential community are changing its
landscape quickly. The Denver Central Market showcases its culinary
scene, and many creative businesses have relocated to RiNo.
COMMERCIAL INVESTMENT REAL ESTATE
Direct net absorption for H1 2017