DURHAM, NC (WNCN) – New housing properties are going up left and right in downtown Durham as more people move to the Bull City and more jobs come to the Triangle.
Among the new housing properties under construction is The Vega, which is a seven-story condo property being built right next to Durham Central Park at the intersection of Hunt Street and Rigsbee Avenue.
The condos at The Vega cost anywhere from $400,000 to just over $1 million.
“We’re building 57 high-end, carefully designed, well-built condominiums,” said Henry Lambert, managing partner for Lambert Development.
Lambert is developing The Vega and this is the second housing property he has developed in Durham. He also developed the Brannan, another housing property that’s just one street over from The Vega.
“That’s been very successful with people, and I think we’re convinced this is going to be successful and maybe even more so successful,” Lambert said.
Lambert said so far they have already sold 40 out of the 57 condos at The Vega and he said it’s a mixed bag of people who are purchasing them.
“It’s not all doctors, it’s not all lawyers, it’s not all investors and professionals, I think it’s all mixed,” Lambert said.
Lambert said they still have 17 condos they need to sell and construction is expected to be wrapped up by January 2023.
The Vega is not the only housing property selling million-dollar condos in downtown Durham.
Construction is starting this month on the Novus tower, located at 400 W. Main.
CBS 17 spoke with the developer of the Novus in October and they said their condos range from $1.4 million to $3.4 million.
According to data from Downtown Durham Inc, there are currently 2,228 market-rate priced housing units under construction in or adjacent to downtown Durham and 2,076 more housing units that are in the pipeline.
Economic experts have told CBS 17 that housing is in high demand to keep up with the thousands of new jobs that are opening up in the Triangle.
CBS 17 spoke to some people in Durham on Tuesday who said they think this high-end housing will help bring more business to downtown Durham.
“I think it’s a good thing,” said Nate MacDonald. “With a lot of jobs coming to this place, I feel like there’s people who can afford this type of living.”
But Downtown Durham Inc. also provided data that showed that there are only 105 affordable housing units under construction in Durham and 352 affordable units in the pipeline.
Other folks CBS 17 spoke to said that they want to make sure affordable housing properties continue to be built as well.
“On one hand it’s good that they’re developing housing downtown and keeping it densely populated, but it doesn’t mean they’re providing affordable housing,” said Shaan Hassan, who lives and works in Durham. “As the million-dollar condos keep going up, it increases the market value for all properties around, so that further increases rent in the housing market. It’s a complicated situation I think.”
If you’re interested in purchasing a condo at The Vega, go to their website at thevegadurham.com.