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RAD Lofts is a high-density urban mixed-use development. The RAD Lofts development introduces two components to the community. First being the commercial component, which offers retail spaces, office space and an hourly rate-parking garage. The second being 243 high-end rental one and two bedroom apartments.
The location, building design and project's integration into the City Of Asheville's master plan for the River Arts District will support retail and restaurants catering to the both the local neighborhood and the strong tourist markets. The residential component offers an exceptional quality living opportunity in a vibrant urban park setting.
LocationThe site is situated at the intersections of Roberts Streets, Depot Street, and Clingman Extension. The site is the only multi acre tract in the district that is not in the floodplain.
The intersection at the western frontage of the site is the north south/east west intersection for those visiting the RAD.
The city of Asheville and Federal DOT are currently spending $50Mil on parks, jogging trails and road improvements in a four-block radius of the RAD Lofts site.
The county government recently completed the construction of a new elementary school and renovation of the middle school, both less than one mile from the site.
The site is located:
Design:The project is a high-density urban mixed-use development. The development is a two-story pedestal design with apartments located on floors three thru five. Exterior architecture has been design to create a positive pedestrian experience. The first two stories are wrapped in brick with "soldering" around all window and entries to replicate the look of many of the historic structures in Asheville. The upper residential floors contain balconies and a variety mix of bump outs, colors and materials to break down the scale of the buildings and make the look more interesting. We are using metal and exposed steel to create awnings and "features" on the exterior. The use of steel is an am age to honor the former use of the site as an important steel fabrication facility for nearly 100 years. Dave Steel Company was an important member of the community for those 90 plus years. We hope to create some patina and "funkiness" in the final finishes in keeping with Asheville's look and attractiveness.
The signage requirements for the project are important in this regard. Our sign specifications and covenants are being finalized but in short they are vintage New York City and Las Vegas 1950's retro look. We have met with city officials in this regard and they have green lighted our bold use of light and signage. This will set RAD Lofts apart from all other developments in the region and promote on going interest in the project and its retailers and residents.
RAD Lofts is working with the Asheville Arts Council to create and install wall mounted and sidewalk mounted art displays. We are considering having local artists commissioned to paint murals on the walls of the garage.
RAD Lofts has agreed to provide the bus pull off for the trolley companies that deliver and pick up tourist hourly every day 10 months of the year. This pick up/drop off location ensures that retailers in RAD Lofts will be the first and last seen by tourists visiting the RAD from area hotels.
We have designed a 10 foot wide sidewalks around the property which will house outdoor seating for the restaurant, outdoor produce stand for grocery, and public seating and street art displays. RAD Lofts is currently working with the Asheville Arts Council to organize and implement the street art components.
These components combined with street lighting and street greenscaping should create a wonderful pedestrian experience and encourage both tourists and locals to enjoy the space and patronize the retailers in the project.
Commercial Component: Retail, Office, and Garage
As of this date, Rad Lofts has 10,945 sqft. of retail spaces under LOI. RAD Lofts signed these LOI's in 2014 after only a 60-day effort to test the market. The average rental rate is 24/Ft NNN. We will not offer any additional spaces until construction can commence and will be at 28/ft. NNN for the balance of space.
The project has two restaurant locations designed into the project, as well as a neighborhood organic grocery. One restaurant is under LOI as is the grocery, which will be there second location. We feel the grocery greatly enhances our apartment rental efforts, as will the co-work space.
Office space is on the second floor of the Roberts Street frontage and may contain as few as two spaces, one of which may be co-work space. RAD Lofts is in negotiations with Regus to fill this space. They have requested 10,000 sq. ft. The location of RAD Lofts will be attractive to companies that encourage good health and exercise for the their staff as well as businesses that cater to the high-end consumers that patronize the RAD.
We expect the co-work space to be highly successful. This type of space is very popular with the Millennial as they can essentially timeshare their office space thus keeping costs down. We hope to reach a final agreement with Regus, the largest operator in this field in the world. In the event a deal is not finalized with Regus we plan to market to operators in Charlotte, Greenville and Raleigh.
We retained Spake Real Estate of Asheville to market and lease the office and retail space. Spake Real Estate is one of the most successful commercial real estate firms in Asheville and will maintain the commercial space on the MLS and in front of the commercial brokerage community.
It is anticipated that the retail and office tenants will come from the local market for downtown retailers wishing to capture more tourist traffic and small companies seeking office space in the riverfront community. We are a part of the local flavor which makes downtown Asheville such a tourist destination. We are however, marketing our prime restaurant space to a limited few restaurant companies in Charleston, SC and New Orleans, LA that could enhance our destination brand.
The garage spaces will rent on an hourly basis for $1.25 per hour which is equivalent to the Asheville city rates downtown. Demand for parking is high in the area and with the addition of RAD Lofts retail and office demand will grow.
The project is a high profile project for Asheville and enjoys wide community support. As a result, the development has enjoyed substantial positive press both printed and TV.
ApartmentsThe development will house 243 one and two bedroom high end rental units. The mix is 134 one bedrooms, 12 affordable one bedrooms and 97 two-bedroom flats. Unit sizes range from 722 to 782 sq. ft. for one bedrooms and 915 to 1,038 sq. ft. for two bedroom units (based on paint-to-paint measurements).
Finishes will be high end and energy star in stainless, ceramic, wood floors etc. We expect to give great attention to storage both in closets and kitchen cabinets to create highly efficient design to appeal to the millennial market. Amenities include garage parking, elevators, trash shoots, balconies, large soaker tubs, health club and large patios/garden space for community gatherings, on-site storage, on-site grocery, high speed internet/ TV package, stacked washer dryers, dog run, etc.
Delphi Development, LLC|
800 Fairview Road, Suite 130
Asheville NC 28803