When height matters, Charlotte stands tall over Raleigh and Durham, at least in terms of high-rise construction.
Earlier this month, developers of the Queensbridge Collective topped out construction of their 42-story residential tower on South Tryon Street between uptown Charlotte and South End. The project by Chicago-based Riverside Investment and Development is the tallest underway in Charlotte, though it will be nine stories shorter than the Queen City’s Vue, North Carolina’s tallest residential building.
The addition of high-end housing is also driving development of the tallest buildings in downtown Raleigh and Durham. Combined, the projects will add nearly 900 apartments in the three cities, building upon construction of more than 18,500 apartments last year, according to rental website RentCafe. Statewide, apartment construction totaled 32,355, ranking fourth nationally.
Last year, Charlotte led North Carolina cities with the addition of 11,252 new units. It will gain more than 400 additional apartments with the construction of the Queensbridge. Rising on the former site of the former Uptown Cabaret strip club, the mixed-use project will be Charlotte’s tallest building outside of the Uptown central business district, according to Charlotte Center City Partners. The group is tracking nearly 50 active projects valued at $4 billion.
With completion slated for 2027, no leasing information for the apartments is yet available, says Ashley Roseborough, a Queensbridge spokeswoman. In 2022, Riverside said it planned an adjacent office tower in a project that would involve a $750 million total investment.
In Raleigh’s Glenwood South district, construction of Highline Glenwood is getting underway. At 36 stories, it will be the downtown’s tallest residential tower, according to developer Turnbridge Equities.
The first phase, the high-rise with 306 apartments, is part of the Creamery mixed-use development at Glenwood Avenue and Tucker Street. It’s named after the historic Pine Street Creamery building that will become part of the project’s retail space, leasing agent CBRE Group says. No leasing information was immediately available.
Rising 27 stories, the Novus is under construction in Durham’s Five Points district, matching One City Center as the city’s tallest building. Austin Lawrence Partners developed both buildings.
The West Main Street project sits on the site of the former South Bank building. It will add 188 apartments and 54 condominiums. About 80% of the condos are sold, while pre-leasing of apartments hasn’t started, says Zach Prager, director of investments for Austin Lawrence. It’s expected to open by June 30.
“We like the high-rise residential market in Durham, and that’s why we’re doing that,” Prager says. “I’d say across the board, you’ve seen less office development over the last few years given what’s going on post pandemic and where the office world is going. Around the country, you’ve seen a lot of residential building. I think that North Carolina is seeing a huge influx of people from other states.”
According to its annual report last month, United Van Lines ranked the state as fifth nationally for inbound migration last year. Family, employment and retirement topped the reasons for the influx of people into the state.
Charlotte commands the highest apartment rents, RentCafe said in a separate report. As of November, Charlotte’s average rent totaled $1,656, compared with $1,575 in Raleigh and $1,535 in Durham.
