- Ram News
Durham green lights 300+ new apartments, more retail space
By Kayli Thompson via Triangle Business Journal | February 2, 2023 | Click here to view the original article
A project with retail space and hundreds of apartments is moving forward across from the Durham Athletic Park.
Ram Realty, a Florida-based real estate developer, has received site plan approval from the City of Durham for its Washington Street mixed-use project in downtown. The development will have 310 multifamily units and 7,791 square feet of retail space.
The apartments and retail space will be in two buildings, connected by a pedestrian bridge. One building will be six stories and have 233 units and two ground-floor retail spaces. The other building will be five stories with 77 units and have one ground-floor retail space.
The apartments will be a mix of studio, one-, two- and three-bedroom units. There will be 85 studios, 151 one bedrooms, 62 two bedrooms and 12 three bedrooms. All but the studio units will have a balcony or patio.
Cost and timeline for the project were unavailable as Ram Realty declined to comment.
Last year, the project faced opposition due to concerns that its design could lead to at least one business closing its doors. The main issue was a planned retaining wall that neighbors the Durham Distillery. Owner Melissa Katrincic said it would make it impossible for trucks to access their loading dock.
The approved site plans show a retaining wall near Katrincic’s property that would be demolished to the property line.
The plans show there will be a swimming pool and clubhouse along with 4,667 square feet of public-space amenities. The 6-story building will have 11,783 square feet of amenities while the 5-story building will have 2,044 square feet of amenities.
There will also be a retail plaza outside of one of the ground-floor spaces in the 6-story building. Site plans also show there will be a parking deck with 492 spaces wrapped by the 6-story building.
The development will be on four parcels — 501, 701/703 Washington St. and 705, 707 W. Trinity Ave. — totaling 5.24 acres. Ram Realty owns both the Trinity Avenue properties while Erwin Oil Company owns 701/703 Washington. An LLC addressed to the Magnolia Companies owns 501 Washington. The total assessed value for the four properties is around $5.77 million.
The site currently holds an office building and storage warehouses. Site plans show that all but one single-story building will be demolished to make way for the development. The building that will remain is the office building on 501 Washington St.
Another concern was potential removal of a historic coal trestle. The site plans show that the company will remove it if it’s possible. If so, the materials will be salvaged and repurposed as an amenity feature in the development.
Ram Realty is also behind the redevelopment at University Place in Chapel Hill that calls for 350,000 square feet of retail and restaurant space, 60,000 square feet of office space, 253 apartments and up to 150 hotel rooms.
Ram Realty Advisors LLC acquires and develops retail, multifamily, and mixed-use properties in select high-growth markets throughout the Southeast. The investments are capitalized by Ram-sponsored discretionary private equity funds and institutional co-investment vehicles. Since 1996, Ram has deployed in excess of $3.5 billion of capital. Ram and its predecessor entities were founded in 1978. The company is headquartered in Palm Beach Gardens, Florida, and has offices in Tampa, Florida; Charlotte and Chapel Hill, North Carolina; and Nashville, Tennessee. www.ramrealestate.com
On behalf of Ram Realty Advisors:
Alchemy Communications Group
office: 561.935.9953 ext.101
Vice President of Development, Chapel Hill
Ram Realty Advisors