A post-pandemic construction boom has a surge of new inventory hitting the market in the Triangle.

The latest example: Mira Raleigh, a seven-story, 288-unit building at 121 Kindley St., which opens this weekend. First move-ins start June 22.

The mid-rise project, on 2.5 acres, features studio, one- and two-bedroom apartments, blending “Southern charm” with high-tech amenities and “unmatched” views, the company said in a release.

It sits a few blocks down from Raleigh’s Fayetteville Street corridor and less than two miles from the massive Downtown South development, which was scheduled to begin construction in 2023 but is currently on pause.

“[This area] near Dix Park is experiencing tremendous growth, pulling the center of gravity south,” said Ben Scharf, managing director at Spandrel Development Partners. “Mira is located at the center of this growth.”

The $87.4 million-project is a joint venture between the New York-based firm and Origin Investments, and Capital City Urban Development.

The building comprises 80 studio, 130 one-bedroom and 78 two-bedroom units. Five of the seven stories contain the residential units.

The two remaining stories house the development’s 300 parking spaces. Amenities include a club room with a kitchen and bar area, a sky lounge, a 2,600-square-foot coworking space, and a 24-hour fitness center.

Rents range from $1,400 for a studio to $3,570 for the largest two-bedroom apartment.

The Mira project is the first piece of a master plan being spearheaded by local architect and developer Robert Ferris. The planned mixed-use project will span roughly nine acres near the Duke Energy Center for the Performing Arts.

“It kick-starts the entire development,” Ferris, president and CEO of Raleigh-based Sfl+a Architects, said when it broke ground in early 2023.

Some 10,922 apartments hit the Raleigh-Cary market in 2023, RentCafe found.

Some analysts estimate supply will jump over 50% across Durham and Raleigh this year.

There are 19 developments under construction in downtown Raleigh alone, according to the Downtown Raleigh Alliance’s first-quarter market report. When completed, they will deliver 2,230 residential units, 410 hotel rooms, and 116,616 square feet of retail space.