Fire Destroys Raleigh Multifamily Development, Damages Other Structures

The fire that consumed the unfinished 241-unit Metropolitan multifamily project in Raleigh late last week also damaged several office and multifamily buildings surrounding it, the Charlotte Business Journal reports. Illinois-based Banner Apartments started construction on the development last summer on the site of the former Greyhound bus terminal. It was scheduled for completion this fall.

Instead, a five-alarm fire ripped through the structure Thursday. The 14-story Quorum Center office and condo tower next door both evacuated, but were stabilized by the next day, according to the Raleigh Fire Department, which is still evaluating damage to those buildings. Residents at the Link Apartments Glenwood South next to the Metropolitan property were displaced due to severe damage to their building.

Banner has three other properties in Raleigh and one in Charlotte. The company, along with Raleigh construction firm Clancy & Theys, issued a joint statement Friday: “We thank the heroic firefighters and all first responders who risked their lives to contain this fire and that no loss of life occurred. While the cause of the fire has not yet been determined, we are working closely with authorities to conduct a thorough investigation and review of the incident."

Continue reading this story with a free account

Log in or register
Related Topics: Banner Apartments , Clancy & Theys
Sign up for more articles like this
Subscribe to Bisnow's Charlotte Newsletters
Related Stories

With Occupancy Brimming, Investors Pile Into Bay Area Apartments

FBI Drops Investigation Into Financially Troubled StoryBuilt

GTIS Partners Rebrands As Brightshore Capital, Launches $250M Debt Platform

Dublin BTR Had A €1B Summer

Sales Of Lower-End Apartments Surge In Philly As Landlords Face Financial Issues

Wu Proposes Tax Breaks To Jump-Start Stalled Housing Projects

Developer Seeks Permit For Denver Energy Center Conversion Project

Airbnb Launches $250M Fund To Invest In Affordable Housing

DFW Multifamily Distress Creates Opening For Investors As Development Slows

Security Tech Firm Plans Loudoun HQ Move: The D.C. Deal Sheet

Luxury Marriott Hotel Will Take Space In Charlotte Office Conversion

Prolific South Florida Developer Nick Rojo Dies At 44