Upscale residential project at Raleigh's Glenwood Place includes wine lounge, art workshop

Jan 24, 2020

Details have emerged for the latest addition to Glenwood Place with plans for a new high-end multifamily building plus retail space.

Raleigh-based Grubb Ventures along with Ascentris Real Estate of Denver have announced plans for the Residences at Glenwood Place, an upscale, 278-unit apartment community with luxury amenities, conference rooms and around 10,000 square feet of retail space.

The project is situated in Glenwood Place off Glenwood Avenue just inside the beltline.

“We are so excited to be partnering with Ascentris again by adding luxury multifamily to our office and retail offerings at Glenwood Place,” says Grubb Ventures CEO, Gordon Grubb. “Our objective for Glenwood Place is for it to become the most sought after mixed-used community throughout the Triangle. With its high-quality walkable retail, dining and beverage options, boutique fitness, personal services, outstanding architecture, extensive landscaping and pervasive local art, Glenwood Place will distinguish itself as the very best community in the region.”

Construction is expected to begin later this year with the first units to be completed by the end of 2021. Amenities will include: package rooms with cold storage; a pet park and spa; a two-level fitness center; a saltwater pool; a wine lounge; an art workshop; a 2,000-square-foot tenant lounge; conference rooms and fully-covered garage parking, according to Grubb Ventures.

The retail space is expected to feature restaurants, boutique retailers, fitness offerings and personal service uses.

Grubb Ventures acts as the developer and property manager for all the properties in Glenwood Place. Cline Design Associates will serve as the architect of The Residences, and Harold K. Jordan, and Co. will serve as the general contractor for the development. PNC provided construction financing, and JLL served as the mortgage broker.

This project is the latest step in the growing relationship between Grubb Ventures and Ascentris.

The Denver firm first connected with Grubb when it acquired 3700 Glenwood – where Grubb's offices are located – and the development of 3800 Glenwood – which is expected to be finished this year.

“We are thrilled to expand our partnership with Grubb Ventures. The early successes at 3700 and 3800 Glenwood Place and Sojourn speak to the demand for high-quality, well-located suburban real estate from office tenants and multifamily residents alike,” says Ascentris Managing Director and Partner Tricia Noble, in a release. “We have been very impressed with Grubb’s long-term vision of creating one of the very best mixed-use communities throughout all of Raleigh and we look forward to participating in that vision going forward.”

In addition the Residences, Grubb says there's an additional 14 acres of undeveloped land at Glenwood Place, though plans have yet to be finalized. It's currently zoned for five stories of multifamily development, but Grubb says he is considering pursuing a taller entitlement for the property.

Caleb Harshberger

Staff Writer

Triangle Business Journal