Dallas-based Trinsic Residential company has submitted site plans for the Aura Blue Ridge Project in Raleigh, North Carolina. The project aims to transform the Blue Ridge corridor by replacing a 1980s hotel with a new housing complex. The proposed development includes a 370-unit apartment complex and a 550-space parking deck, in response to the city’s growing demand for housing options.
Ryan Stewart, the Managing Director of Trinsic Residential’s Carolinas division, has expressed the company’s commitment to navigate the city’s approval process. The acquisition of the property is expected to be completed in late 2024, followed by the immediate demolition of the hotel to make way for the new development.
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Stewart emphasizes that the Aura Blue Ridge project aims to offer quality market-rate units for the wider community, addressing the gap in housing options that has been mostly focused on student housing in the Blue Ridge corridor. This area in West Raleigh spans three miles and is strategically located near key venues like PNC Arena, Carter-Finley Stadium, and the N.C. State Fairgrounds.
Construction Cost of the Aura Blue Ridge Project
The Aura Blue Ridge Project is estimated to cost $115 million. The first units are projected to be available for occupancy in 2025. The five-story structure will consist of 77 studios, 162 one-bedroom units, and 131 two-bedroom units. Some units will offer dens and balconies, with an average size of around 900 square feet. The communal spaces will include two main courtyards spanning a total of 12,000 square feet, featuring amenities such as a pool and co-working spaces.
The Aura Blue Ridge Project has accelerated Trinsic Residential’s presence in the Triangle area since establishing a satellite office in Durham in 2019. The company currently has a portfolio of 15 projects with around 5,000 units, with a strong focus on the Carolinas. Thirteen of these projects are located in the Triangle region, while the remaining two are in Charlotte. Trinsic Residential plans to prioritize the Carolinas for future developments, with ongoing projects like Aura 509 in Durham, Aura Chapel Hill, and Aura Farrington 54 in Chapel Hill.
