Fein buys Kidds Hill Plaza land for new apartments near Crabtree Valley Mall June 10, 2014
There's a green light for new construction, finally, for the demolished and long-dormant Kidds Hill Plaza site behind Crabtree Valley Mall in Raleigh.
Martin Fein Interests, a Texas apartment development firm, has paid $7 million for about half of the 12-acre property along Crabree Valley Avenue that Weingarten Realty Investors of Houston has owned since 2007.
Construction of a 335-unit apartment community, called Creekside at Crabtree, is slated to begin within the next two to three weeks, says Daniel Fein, vice president of Fein.
Creekside at Crabtree should be ready to begin renting its first units in the first quarter of 2016. It will be Fein's first development project in the Triangle.
The property, which connects to the mall via an existing bridge over Crabtree Creek and the city greenway, will have 301 one-, two- and three-bedroom units that will average 870 square feet, plus another 34 units with attached garages that will have an average 1,486 square feet.
Fein did not disclose the projected rental rate for the luxury units, nor the cost of the total project once it is completed.
Westchase Construction, an affiliate of Martin Fein Interests. will be the general contractor for the development. Architects are Steinberg Design Collaborative of Houston and Moore Design Group of Dallas, Texas. Eagle Realty Group is providing equity financing for the development while BBVA Compass Bank is providing the construction financing.
The developer had first submitted site plans for the project in 2012.
Other apartment projects that are planned or under construction near Crabtree Valley Mall include the 384-unit Marshall Park on the Greenway on Blue Ridge Road, the 293-unit first phase of the Solis Crabtree (formerly Crabtree Village) project on Homewood Banks Drive and the 533-unit Crabtree North and Carolina Row at Crabtree projects on Lead Mine Road.