‘Boutique’ net-zero-energy homes near Village District start at $1.9M. What you get.
A boutique net-zero-energy development is taking shape in downtown Raleigh. But it comes with a hefty price tag.
Tower Raleigh, a collection of four modern, net-zero-energy (NZE) homes, is under construction at 920 Tower St., near the Village District and Jaycee Park.
Each 4,100-square-foot, three-story home sits on little more than one-tenth of an acre, generating as much renewable energy annually as it consumes, “virtually erasing a homebuyer’s footprint,” the listing says.
The homes also start upwards of $1.9 million.
Three of the homes are listed for sale. The fourth — 926 Tower Street, which is complete — is the developer’s personal home.
“There’s absolutely nothing like it, probably in the Southeast,” says Will Alphin, founder of REdesign.build, who designed them. “High-quality, modern homes that are built to be beautiful, filled with daylight, safe, clean and net positive. I loved them so much I moved into one.”
Green homes on the rise
Nationwide, green homes are gaining traction, selling faster and for more money.
On average, homes with an energy rating sold for 2.7% more than comparable unrated homes, according to a recent Freddie Mac white paper.
Boosted by tax incentives, buyer demand and rising energy prices, builders are heeding the call with the latest innovations: from solar panels and electric vehicle charging ports to composting stations and more efficient hot water and heating and cooling systems.
Tower is the latest example of this trend.
A partnership between REdesign.build, Chappell, powered by Compass, and Southern Energy Management, it’s being touted as one of the first NZE developments to hit the Raleigh market.
In 2020, the design won NC Modernist’s Matsumoto Prize, North Carolina’s highest honor for exclusively modernist residential architecture.
Large and boxy with teak-wood accents, the homes are constructed from sustainable materials, like recycled plastic and wood. They come already fitted with rooftop solar panels, water-conserving fixtures and LED lighting. There’s even a Tesla Powerwall, a rechargeable home battery system, for back-up protection. Another perk: Homeowners are eligible for a $12,000 solar tax credit.
It’s expected to be delivered in spring 2024. Judging by early interest, some buyers are willing to pay the price.
After just a few days on the market, one of the three homes already has a pending offer.
“It’s the new standard for modernist builds,” said Johnny Chappell, owner and broker of Chappell. “It won’t be the last.”
However, at that price point, it’s out of reach for most buyers. That’s a problem, say experts.
“We need to incentivize builders to develop affordable NZE homes that anyone in North Carolina can afford,” said Rob Howard, owner of Howard Building Science and former director of construction at Habitat for Humanity of Catawba Valley. “There’s already a federal tax credit. We need a state level incentive.”
In addition to Tower, Chappell is bringing IDYLE, another net-zero-ready 10 townhome collection to downtown Raleigh. Planning is in the early stages. Prices are yet to be disclosed on the website.
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