New Partnership Expands Park Grove Realty South
Park Grove Realty Announces Partnership with DiMarco Group and Expansion to Durham, North Carolina.
FOR IMMEDIATE RELEASE
Media Contact:
46 Prince Street Suite 2003
Rochester NY, 14607
(585) 435-4766
Rochester, New York (May 1, 2019) – Park Grove Realty and partner, DiMarco Group, recently purchased a $4.1 million property for real estate development in Durham, North Carolina.
The 2.25-acre lot off of East Pettigrew Street will have 240 luxury apartments in the proposed seven-story building. The project plans include high-end finishes and modern amenities. Future residents will enjoy two stories of structured parking, on-site property management, pool, barbeque area, and proposed community gathering spaces. The upscale development will also include other very high-end amenities including a wine bar with ride-share waiting lounge, spa and yoga studios, and a barista bar.
Park Grove Realty is a real estate development company focusing on multi-family residential, mixed use and commercial projects in Rochester and surrounding areas. The recent opening of 100 West Water Apartments, a Park Grove development project in Elmira, NY is an example of the company’s commitment to downtown revitalization and historic building rehabilitation.
The DiMarco Group is a Real Estate Development Company based in Rochester, NY, whose latest work includes the renovation of Sibley Square, once home to Rochester’s largest department store, now converted to live-work rentals.
Park Grove Realty has commissioned Cline Design, a Raleigh firm as the architect to lead the design team for the 240 unit luxury apartment building. Park Grove Realty’s Co-Founder and Managing Partner stated, “In interviewing a lot of architect firms Cline Design was a standout based on their people and relevant experience. They have worked on several multifamily projects in Durham and based on their portfolio they are the right architects for the job.”
The engineers for the Durham project were also hand-selected for the task based on their local expertise. “With McAdams, they’ve done a lot of engineering work within Durham, so they know the process really well. They know the site extremely well. They’ve done the previous engineering work on this site and neighboring sites”
Durham is part of that is referred to as the Triangle which is defined as the areas of Raleigh, Durham, and Chapel Hill. The area is also referred to as the Research Triangle and is economically anchored by medical research, hospitals, and the college campuses of Duke, North Carolina State, and The University of North Carolina State at Chapel Hill.
Durham’s recent population growth and consistent rankings as one of the best places to live in America make it an ideal location for Park Grove Realty’s first North Carolina property development. “Just in the city of Durham, 25 people a day are moving in. The population is growing by nearly 8,000 people a year. So it’s pretty impressive”
The Rochester property development and management group is in the process of site plan approval and hopes to begin construction in the Fall of 2019. The luxury apartments are expected to be available for lease in Spring 2021.
For more information on this or other development projects contact Park Grove Realty at 585-435-4766 or Andy Crossed, acrossed@parkgrovellc.com.
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The new Park Grove apartment development is a welcome addition to the city of Durham.