Courtesy of the Triangle Business Journal:
High-end, 224-unit Lincoln apartment complex breaks ground in downtown Raleigh
Chicago real estate financier John Nikolich’s $40 million bet on downtown Raleigh has taken a forward leap: The high-end apartment known as the Lincoln has officially broken ground.
Nikolich, whose Chicago-area apartment management and investment firm Banner Apartments is providing most of the $40 million behind the project, says via prepared statement that the structure will be part of “the evolution of downtown Raleigh.”
The Lincoln is a massive urban apartment complex, on track to be open next summer. It is located one block east of Moore Square Park and takes up the full city block bordered by Hargett, Martin, Bloodworth and East streets.
It’s a building that used to be owned by Raleigh businessman and philanthropist Gordon Smith III. The 2-acre city block was sold to a buyer group comprised of Raleigh investors John Florian of the Florian Companies and John Healy of Hyde Street Holdings, along with Banner Apartments in 2013 for $4.34 million.
Florian and Healy are investing through a joint venture called KeyBank Real Estate Capital.
Site plans for the project were approved last August by the Raleigh Planning Commission.
The four-story development will consist of 224 studio, one- and two-bedroom apartment units. And they’ll have nine-foot plus ceiling heights, as well as high-end finishes and an on-site fitness and yoga center, courtyard swimming pool and attached private parking deck.
The building was designed by JDavis Architects, of Raleigh.
The general contractor is Clancy & Theys Construction Co., also based in Raleigh.
For more information about Banner Property Management, please visit http://www.bannerapartments.com.