RALEIGH, NC—A major multifamily project in downtown Raleigh has broken ground. Chicago-based Banner Apartments, LLC reports it has turned the first dirt on its urban apartment The Lincoln development on a parcel that will encompass a full city block bordered by Hargett, Martin, Bloodworth and East streets.

The four-story development will include 224 studio, one and two bedroom apartment units. The units will feature nine-foot plus ceiling heights with high-end finishes, including stainless steel appliances, granite counter tops, wood floors and high-speed wiring. Amenities at the property will include a state-of-the-art fitness and yoga center, a courtyard swimming pool and grilling area, a club lounge, along with an attached private parking deck. The Lincoln is scheduled to open in the summer of 2015. A published report in the Triangle Business Journal pegged the development cost at approximately $40 million.

“The Lincoln's location, two blocks from Raleigh's central business district, will allow us to provide a high-end rental community that is in close proximity to the area's desired amenities and will provide residents with one of the most walk accessible communities in the entire Raleigh metro area. We are excited to participate in the evolution of downtown Raleigh, a historic American city, and we look forward to becoming an integral part of the Raleigh community,” says John Nikolich, executive vice president of Banner Apartments, LLC.

KeyBank Real Estate Capital is providing construction financing for the venture. The Lincoln is being developed in partnership with Metropolitan Investment Partners, LLC of Raleigh and is designed by JDavis Architects of Raleigh. Stephen Porterfield of Capital Associates brokered the land sale from the seller, Gordon Smith. The general contractor is Clancy & Theys Construction Co., which is also based in Raleigh.