RALEIGH, N.C. (March 26, 2008) – CitySpace Development Corp., an innovator in residential development, is raising $3 million to create a new approach to downtown living. CitySpace currently has two new projects in the planning stages: Hinsdale Row, at the corner of Glenwood Avenue and Peace Street, and Rosengarten Terrace, on South Saunders Street adjacent to Boylan Heights. More projects are expected to come on line in 2009.
"Downtown Raleigh's rapid growth has created separate islands of investment," said Richard Johnson, a founding partner of CitySpace. "Our hope is to deliver on the promise of an integrated, walkable, downtown living experience by creating effective transitions between great neighborhoods like Boylan Heights and Glenwood Brooklyn with the greater metropolitan area."
Recent studies show that successful downtown revitalization depends on creating strong connections between the city's center and the neighborhoods that surround it. Cooperative efforts across distinct neighborhoods help create a seamless urban residential landscape that "fills in the gaps" common in downtowns.
Working in partnership with individual neighborhoods, as well as city planners, CitySpace has begun the process of creating a bond between some of Raleigh's oldest and most scenic neighborhoods. With the Rosengarten Terrace project, CitySpace will actually be implementing plans developed by the city and endorsed by community leaders.
CitySpace has raised an initial $1 million to acquire rights to three key sites totaling more than six downtown acres. It is seeking partnerships with industry leaders to finance the remaining $2 million required to implement plans to connect Raleigh's disparate neighborhoods together into a synergistic whole.
"We're seeking investors and partners with a shared vision for downtown Raleigh," said Johnson. "Rather than urban sprawl and development without conscience, our group is seeking to include others who appreciate the combination of careful development while preserving the integrity of these great neighborhoods."
About CitySpace Development
CitySpace Development is a full-service real estate firm specializing in unique historic residential properties via procurement, development, renovation and management. CitySpace is dedicated to developing projects that appeal to buyers who are looking for a metro lifestyle that adds to the vibrancy and diversity of downtown Raleigh. CitySpace has a proven track record of working with community members to develop properties that speak to each neighborhood's lifestyle. Well-respected architects have been commissioned to design CitySpace residences using materials that will age gracefully, increasing in value and charm for years to come.
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