When developers envisioned an 11-acre multi-use project on the Lynx line in South End more than two years ago, they believed housing would come first.
Everybody knows how soft that market is today.
So instead of residences, The Silos at South End will be two office buildings totaling 66,749 square feet.
The lead tenant will be the Centralina Council of Governments, which paid nearly $4 million for just under 16,000 square feet of office condo space in the initial phase.
Construction of the two initial buildings is expected to start by late this year and be completed by late 2009.
That's a logical way to approach the project, local real estate experts say, considering that the commercial market is healthier that the residential.
The Silos' $48 million first phase also is to include 115 flats and townhomes plus 7,281 square feet of commercial condo space in residential buildings complement by a 1-acre Art Park and three art-wrapped former asphalt storage silos.
Second and third phases, to be completed in the next four to six years, would push the transit-oriented village to 200,000 square feet of commercial space and 750 residential units, including a potential 17-story high-rise.
The sales team is working with buyers to convert reservations on 30 residential units to contracts, he said.
Sales of the remaining first phase residences will begin when Citiline opens a sales office in January in a companion project – The Silos Subdistrict, on the rail line off Remount Road at South Boulevard.
The subdistrict includes about 20,000 square feet in three buildings being renovated. A neighborhood bar named Local, a restaurant named Carolina Classics and Dharma Lounge will occupy all but about 3,000 square feet.
Citiline is looking for restaurant and entertainment tenants to fill the rest of the space.
Local and Dharma are to open in January and Carolina Classics should open later in the first quarter, he said.
Restaurants and entertainment will help flesh out the first phase, where Citiline is setting side about 13,000 square feet. For that, it's considering special incentives to encourage nonprofit companies to locate there.
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