A $50 million dollar project that combines retail and residential space is being planned for Greensboro. The development includes what will be one of the few high-rise apartment towers in the city.
It's tentatively called “The Lofts at Red”. Developer Marty Kotis announced the first part of the project last summer – a retail center that will include restaurants and parking decks. The newly proposed nine-story, 300-unit residential building will have a rooftop pool and terraces, along with other amenities. Owen Covington with the Triad Business Journal has been covering the story. He says the project will likely be well-received in the city.
“It's certainly going to be a unique development and rents are probably going to be kind of high, but its location within what has really become a vibrant retail and restaurant district is really in its favor," says Covington. "So, it's going to have that ability to attract that higher income, younger renter."
Covington says a planned greenway near the property may also lure potential residents, although that development is still years away. Construction on the “Lofts at Red” hasn't been finalized, but building on the first part of the project could begin as early as this year.
You can find a slideshow with images of the new development at the Triad Business Journal.