501 Realty is working with a developer on a new condo project in downtown Durham, according to an email sent to businesses at American Underground at Main. The INDY offices are in the same building as AU at Main.
The project will bring 100 new condos ranging from $230,000 to $900,000. The email asked workers for feedback about amenities, prices and other quality of life questions.
“Great live/work opportunity, and a great addition to downtown living opportunities,” the email read, “as there aren’t many condos currently available in Durham.”
Tammi Brooks of 501 Realty said the details, including the developer’s name, would not be finalized for several weeks.
As the INDY reported in August, almost all of the new developments—and there are many—are high-end. Eight condos are being built at Church and Main streets, ranging in price from $459,000 to $536,000. And 31 condos are planned for the City Center Tower at Main and Corcoran streets. Those condos run from $300,000 to $1.6 million. More than half of them are already reserved.
The news of the condo project comes at a time when safe, affordable housing, particularly near downtown, is scarce. The city, county and Triangle Transit, Coalition on Affordable Housing and Transit, Durham CAN and Durham Community Land Trustees have been hosting meetings to address the issue, which is only going to escalate as the light-rail project between Orange and Durham counties is built over the next decade.