Another North Hills-ish shopping center is in the works, this time in North Raleigh on Falls of the Neuse Road at Honeycutt. As you know, we here at Raleighing are certainly excited about smart development in Raleigh and on some level are proponents of the success of capitalism in our area.
So, let me first say that I like the design of Lafayette Village. The drawings certainly give the impression of a quaintness which has not been achieved by North Hills. And, it appears the designers have taken a cue from North Hills by putting a majority of the parking underneath the shopping center, out of the view of drivers-by. Concept alone, I like it.
But, I have a hard time believing that a boutique-focused center will work at that location. Even the highly-lauded North Hills still has many spaces left empty. Obviously, Lafayette Village will have much lower lease rates, but the area around that location has not proven to be ridiculously successful for that format. Scout and Mollys and Cravings have both experienced much more success after moving out of Falls Village and into North Hills. Just up the road in Falls Pointe Shopping Center, boutiques like Tres Belle seemed to have a nice run, but just couldn’t quite pull it off. Remove any sort of anchor (like North Hills’ Target and the movie theatre) and I wonder if a boutique-only center can survive in that area.
Hopefully, it will be a successful venture. There is certainly enough disposable income in that area. But, what will be interesting to see is if folks in that area will be willing to spend their big money in a center in that location or if they will continue to drive to North Hills, Cameron Village, Saks (not the rest of TTC though!), and Southpoint due to the validation factor…
Hrmmmm, who knows? I wouldn’t put my own money into Lafayette Village, but then again I am not sure I’d bet against it either. Either way, go ahead and chalk up another loss for the trees of North Raleigh. They seem to lose no matter what…
The developers tell us they are expecting a late 2007 early 2008 completion date. Now, if recent development in Raleigh is used as a gauge, I’d bet no earlier than late 2008… if then….