Charlotte isn’t the only North Carolina metro on the cusp of a major development boom.
According to a story this weekend from the Citizen-Times, Asheville is slated to see a total commercial development investment of over $1 billion over the next five years.
Development is underway in a wide range of industries, from hotels to retail stores. Some major projects include a $175 million investment in the New Belgium Brewery in the River Arts District, East Coast operations center, as well as a $12 million, seven-story Hyatt Place Hotel.
Here are some other tidbits from the story about Asheville’s growth:
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▪ Asheville issued building and upfit permits with an estimated construction value of $400 million for the fiscal year that ended June 30. In 2012, it was $188 million.
▪ Buncombe county officials handled 42 commercial building or upfit permits with a value of $22.5 million in 2011. In 2012, the value of commercial permits rose to $44 million, fell to $31 million in 2013 and then exploded in 2014 – 98 permits totaling nearly $135 million in work.
▪ So far this year, through May, Buncombe County is on pace to top 2014 permits, with 43 permits for almost $79 million in work.
Meanwhile, uptown Charlotte is seeing major hotel growth (the new hotels proposed and under construction would add about 1,900 rooms, boosting capacity by 42 percent) and apartment construction is at an all-time high (the city has more than 10,000 apartments under construction).
In Raleigh, the number of high-end apartments within a mile of downtown will double to almost 3,000 over the next two years, and in Durham, a wave of new apartment complexes close to downtown is expected to more than double the population, which is about 1,500, according to a recent story from the Raleigh News & Observer.
Staff writer Ely Portillo contributed.