Final Mira Raleigh
Origin Investments and Spandrel Development Partners Team Up on $87.4 Million MF Project;
Mira Raleigh is One of Few New Midrise Projects In a Highrise Development Boom
CHICAGO and NEW YORK (March 6, 2023)—Origin Investments and Spandrel Development Partners have formed another a joint venture to develop the $87.4 million Mira Raleigh, a qualified opportunity zone investment at the vibrant, southern border of Raleigh’s Central Business District.
Mira Raleigh, located at 121 Kindley St., is a seven-story, podium-style development that will feature 288 units averaging approximately 772 square feet of living space. Five of the seven stories will contain the residential units. The remaining two stories will house the development’s parking component which totals 300 reserved spaces. The community will also include approximately 2,600 square feet of ground floor shared office space.
“We are very excited about the unique characteristics of this development, from its market-driving positioning to its prominent location within the market,” said David Welk, Managing Director, Origin Investments. “Mira Raleigh is one of few competitive mid-rise developments advancing in a market whose new and planned developments are dominated by high-rise projects that will be more expensive for renters.”
The new development, on approximately 2.0 acres, represents the first phase of larger City Gateway mixed-use project that ultimately will feature Class A office, retail, hospitality, and urban greenspace.
“We are developing Mira Raleigh in keeping with what tenants have grown accustomed to receiving in our communities throughout the Southeast,” said Ian Levine, Principal and Co-founder, Spandrel Development Partners. “In joining forces with Origin Investments, we know we have a partner with the same discerning taste and commitment to quality.”
An additional advantage of the site includes its walkability score of 76—a rating considered very walkable with most errands able to be accomplished on foot. A strong walkability score like Mira Raleigh is a distinct benefit for tenants of the new development and underscores the livability of the neighborhood/submarket.
Mira Raleigh will be comprised of a mix of 80 studio, 130 one-bedroom and 78 two-bedroom units in a variety of different floor plans. Adding to its ambiance, the new development will feature unmatched skyline views, up to 12′ ceilings, floor-to-ceiling windows, and expansive terraces. Additional unit amenities include a variety of “smart” technology features, quartz countertops, premium stainless steel appliances, double vanities, garden tubs as well as premium lighting and fixture packages, walk-in closets and custom desk nooks.
Amenities of the project will include a hospitality-inspired lobby/lounge, a club room with chef’s kitchen and bar area, a sky lounge with unobstructed skyline views, a commercial-grade coworking facility and a 24-hour fitness center with Peloton bikes, to name just a few.
“Mira Raleigh will afford our residents the ability to take advantage of luxurious units and destination co-working spaces,” said Emanuel Neuman, Principal and Co-founder, Spandrel Development. “They will also have access to resort-style amenities that will clearly distinguish our community.”
The Mira Raleigh development site is conveniently positioned in proximity to Raleigh’s Fayetteville St. Corridor, the Warehouse District and the rapidly expanding Downtown South submarket. The area is surrounded by the important future demand drivers, including employment hubs, retail, restaurant and entertainment properties and a variety of other neighborhood amenities.
The development is located within three blocks of the Fayetteville Street Corridor, known as the Triangle’s most dense urban employment hub. The Warehouse District, located a little more than one half mile away, features historic brick buildings that have been transformed into a mix of office, retail, residential and cultural destinations. Additionally, the Duke Energy Center for the Performing Arts is one block away.
Mira Raleigh represents the second development partnership for Origin Investments and Spandrel Development Partners. In 2017 the partnership, along with Aspen Heights Partners and Northwestern Mutual, developed 511 Meeting, a 221-unit multifamily community with retail, more than 9,000 square feet of amenity space and two levels of structured parking, in Charleston’s Upper King district.
About Origin Investments
Origin Investments is a private real estate manager that provides best-in-class real estate solutions for individual investors, family offices and advisors to build and preserve wealth. They build, buy and finance multifamily real estate projects in fast-growing markets throughout the U.S. Since its founding in 2007, Origin has executed more than $2.5 billion in real estate transactions and its principals have invested more than $60 million alongside investors. Origin prides itself on offering unparalleled service to investors and its performance; they are in the top decile of the best-performing global private real estate fund managers ranked by Preqin, an independent provider of data on alternative investments. Origin is currently accepting new investors for its IncomePlus and Multifamily Credit Funds, which seek to provide tax efficiency, enhance portfolio yield, maximize growth and minimize portfolio volatility. To learn more, visit www.origininvestments.com.