Dallas-based Trinsic Residential has filed site plans for the Aura Blue Ridge Project, aiming to transform Raleigh’s Blue Ridge corridor by replacing a 1980s hotel with a new housing complex. The proposed project envisions a 370-unit apartment complex along with a 550-space parking deck, aiming to cater to the city’s growing demand for housing options.
Ryan Stewart, the Managing Director of Trinsic Residential’s Carolinas division, revealed that the company is fully committed to navigating the city’s approval process. The property acquisition is anticipated to conclude in late 2024, followed by the immediate commencement of the hotel’s demolition to pave the way for the new development.
Stewart emphasized the Aura Blue Ridge project’s aim of offering quality market-rate units for the wider community, filling a gap that has been largely overlooked amidst the prevalent student housing options in the Blue Ridge corridor. This stretch in West Raleigh spans three miles, strategically positioned near key venues like PNC Arena, Carter-Finley Stadium, and the N.C. State Fairgrounds.
Construction Cost of the Aura Blue Ridge Project
The Aura Blue Ridge Project comes with an estimated price tag of $115 million, with the first units projected to be available for occupancy in 2025. The envisioned five-story structure is set to house an assortment of units, including 77 studios, 162 one-bedroom units, and 131 two-bedroom units. Accommodations with dens and balconies will also be available, with an average unit size of around 900 square feet. The communal spaces will feature two main courtyards, spanning a total of 12,000 square feet, offering amenities such as a pool and co-working spaces.
Propelled by the Aura Blue Ridge Project, Trinsic Residential’s presence in the Triangle area has rapidly expanded since establishing a satellite office in Durham in 2019. With an existing portfolio of 15 projects, encompassing around 5,000 units, Trinsic Residential’s focus on the Carolinas is evident. Of these projects, 13 are situated in the Triangle region, while the remaining two are in Charlotte. The company aims to prioritize the Carolinas for its future pipeline, with ongoing developments like Aura 509 in Durham, Aura Chapel Hill, and Aura Farrington 54 in Chapel Hill already underway.