Turnbridge Equities has initiated demolition work to pave the way for Highline Glenwood, a 37-storey residential tower situated in Downtown Raleigh, North Carolina, US.
The development, which involves an investment of $200m, is expected to break ground shortly. The tower will feature 306 luxury residential units.
The project has secured nearly $147m in construction financing from Axos Bank and the Manulife Investment Management Real Estate Credit Strategies Team. Turnbridge Equities is providing the equity for this residential tower venture.
Upon completion, Highline Glenwood is expected to stand as Raleigh’s tallest residential building. The development includes studio apartments and up to three-bedroom penthouses, each with balconies offering 360-degree views of the city.
Among its amenities are a sky lounge on the 37th floor and a terrace on the ninth floor with various recreational facilities.
The tower is located on Glenwood Avenue in the Glenwood South submarket. This area features several retailers, dining establishments, and entertainment options. The City of Raleigh is also developing Smoky Hollow Park nearby, adding further recreational opportunities for residents.
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By GlobalDataTurnbridge Equities managing director Jason Davis said: “Highline Glenwood will deliver into an ideal environment amid very limited new supply and continued population growth.
“Highline Glenwood represents one of Raleigh’s first projects in the next cycle of development, and by launching before the broader recovery, we have been able to lock in attractive construction costs that will be hard to replicate when activity picks back up.”
The project marks the first phase in redeveloping the historic Pine State Creamery site. Purchased by Turnbridge Equities in March 2020, the property underwent rezoning from seven to 40 storeys, obtained necessary permits, and received approvals from the Raleigh Historic Development Commission.
The creamery building will be preserved and is set to host BuildOps’ new office hub.
Furthermore, it will accommodate retail space of roughly 7,500ft² on the ground floor. The building will also have around 50,000ft² of commercial space.
Turnbridge Equities plans further development on an additional site within the property.
Construction is expected to conclude by mid-2028, with Barnhill Contracting as the general contractor.
