Triangle remains outstanding class A apartment value play

Urban MJ founder, Marcus Jackson, recently published a guest post on the blog of Avison Young, the world’s fastest-growing commercial real estate services firm. Click the link down below to hear his thoughts on development opportunities and his insight on how Triangle real estate is changing. Here’s a sneak peek:

North Carolina’s Research Triangle metropolitan area is enjoying significant positive momentum across all real estate market sectors.

In fact, I believe the Great Recession improved our region’s competitive position against the nation’s larger cities. Before the recession, we were considered a second-tier city, both in terms of size and investment climate. Now, we are an institutional investor darling and ranked by the Urban Land Institute (ULI) as the No. 3 U.S. market to watch for real estate prospects in 2019.

Our rapidly growing region has witnessed strong rent appreciation while remaining an outstanding class A apartment value play for tenants and investors alike. The Triangle has also undergone rapid urbanization in the last decade, with billions of dollars of public-private investment in our cities’ urban cores. The ULI now classifies the Triangle as an 18-hour city, increasing our attractiveness to potential talent and investment dollars. There are always silver linings to our down cycles.

Historically, the top driver for the Triangle has been Research Triangle Park (RTP). Founded in 1959 and situated centrally among the region’s anchor cities of Raleigh, Durham and Chapel Hill, RTP is one of the top technology and pharma parks in the world. RTP spans 7,000 acres and is home to 250 companies and 50,000 employees. The Triangle is also known as a top global destination for healthcare and education, thanks to the presence of three tier-one research universities and two teaching hospitals.

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Legends Nightclub celebrates 28 years

As we continue our dive into diversity series here at Urban MJ, this week’s blog post is in celebration of one of Downtown Raleigh’s original settlers of the Warehouse District. Many of you, if you’re local to the Raleigh area, are familiar with the Downtown scene staple, Legends Nightclub. 

Known as one of Raleigh’s best nightclubs, Legends has become a nightlife staple. The popular nightclub just celebrated its 28th anniversary and we thought what better way to celebrate than to dive into the Legends history. What started out as an old repair shop in the late 50s, has now grown into one of Raleigh’s largest nightclubs and has made a huge impact on the city. 

Legends stands for diversity and acceptance, but did not always have an easy time doing so. A short time after opening, Legends was facing lawsuits from the city with claims that Legends was performing illegal entertainment. The Legends owners were faced with a year and a half long battle with the State Supreme Court, just to be able to keep their doors open. Their long and costly battle has been well worth it. Legends has given many locals a place to express themselves and speak their truth. Legends is also a big supporter for many nonprofits such as the LGBT Center of Raleigh, Alliance of AIDS Services of the Carolinas, A Place at the Table, and many other organizations. Their passion for diversity has had a positive impact on our community and continues to be a true model of diversity. 

Legends has also played a major role in the economic development and urban revitalization of Raleigh and the Warehouse District. The nightclub is THE original entertainment retail in Downtown Raleigh. Not only did Legends start the movement of gay nightclubs into the Raleigh area, but also had a major impact of the movement of other retail into the disctrict as well. When Legends began, the Warehouse District was nothing like it is now. . When they started, it truly was like the name, only home to warehouses. Land prices have skyrocketed from about $500,000 an acre to now about $8,000,000 an acre. The success of Legends proved that the Warehouse District was going to be a good place to be located and they are now neighbored by the Dillon, Raleigh’s first food hall, and soon to be open, Weaver Street Market. There are also huge real estate plans for towers to be built all around it. Legends and its contribution has essentially turned The Warehouse District into “The Creative District”. Its own real estate has dramatically risen in value, but Legends plans at least another 28 years.

Legends Nightclub in Raleigh, NC has been the leader in LGBT nightlife in the Triangle. Many clubs followed once Legends proved successful, but Legends reigns as the original gay nightclub. If you visit Legends today, you can clearly see that all of Raleigh loves it. You will find men and women, gay and straight, of all ages. Legends has become a nightclub that welcomes all people, regardless of what your preferences are. As their website states, “Legends Nightclub Complex is what you want it to be!” And it is THE place to visit for a drag show. Legends was the first in Raleigh to house drag shows and to become a drag professional nationally, you would have to go through Legends for that kind of recognition.

As their success has grown, so has their space. Legends Nightclub now has four large sections: The Spotlight Theater where all the drag shows happen, an outdoor patio bar, and an indoor bar with an arcade area, and their indoor dance club area. So whether you just want a drink, play some arcade games, or see a drag show, Legends is the place to go. 

Congratulations to Legends Nightclub and cheers to your 28th birthday! If you have not checked out this welcoming place in Downtown Raleigh, it’s a must see!