carolina1792

Comparing Richmond, a city with 200+ years of being a city with booming growth in the 1700's, 1800's and early 1900's to Raleigh, a small college town until 20-ish years ago?

Capital Square Raleigh tower was outside investor-driven. They reached their funding goal within a few months. Not a spec build like most towers. https://www.multihousingnews.com/capital-square-secures-49m-for-upcoming-raleigh-tower/ "Capital Square in September 2021, has raised $48.5 million in equity to begin the development of 320 West South Street" in Raleigh.

ASR updated. The Creamery residential tower has been updated from the previous 32 stories to 37 stories. Likely the 2nd or 3rd tallest tower in Raleigh. Unsure which tower will be taller, this one or the RUSBUS Resi tower.

The Creamery project on Glenwood South by Turnbridge Equities is close to completing the paperwork/permitting with the city. I think this should break ground by the end of the year if not sooner! Updated renders below. "Turnbridge successfully rezoned the property to permit up to 40 stories of mixed-use development, obtained Raleigh Historic Development Commission design approval, and expects to commence construction in mid-2022 on a 250,000 square foot Trophy-quality office building, a 300-unit residential tower, and a 150-key boutique hotel."

Dual high rise residential towers with a shared parking platform planned for the surface lot below the Advance Auto Parts towers, rumor has it. As tall as the Eastern I wonder.

Basically a larger RUSBUS but the composition is the same. Even has an 'oculus' feature as well. Haha

NHL Hockey Team Carolina Hurricanes are located within the Raleigh city limits. lol

Hold on to your britches, "full 40" story tower announcement may be coming soon-ish. So it's not all 20 story towers. There's also some 12 story apartments grinding through the permitting which while not as exciting is still important to add density to the city. Plus there's the 37 story RUSBUS and the 32 story Creamery Resi tower and the 27 story Downtown South office tower.

320 W. South Street tower looks like perimeter fencing is going up. Construction has started!

A group is seeking to rezone 30 acres of south Raleigh to 20 stories. Bounded by Maywood Ave, Mercury Street, Lake Wheeler, and Saunders St. It's basically a mini-Downtown South in terms of scale.

Woah speaking of Kane's son, his (SLI Capital) dual 20-story project recently submitted for permitting. 670 residential units! Images below are two different towers that will make up the project. If you consider south Raleigh anything below South Street it's wild what is about to happen to south Raleigh: 0) Park City South, Phase 1 (7 story apartment tower complex/parking for the entire PCS project) 1) Salisbury Square, tower 1 (20 stories) 2) Salisbury Square, tower 2 (20 stories) 3) SLI Capital, tower 1 (20 stories) 4) SLI Capital, tower 2 (20 stories) 5) Park City South Phase 2A (20 stories) 6) Park City South Phase 2B (20 stories) 7) Park City South Phase 3 (zoned for 20 stories, no announcement yet but already revealed to be a 20 story tower from a presentation) 8) Downtown South Phase 0 (6 story mass timber office and residential building) 9) Downtown South Residential (21 stories) 10) Downtown South Office (27 stories) Those are the projects that have passed the proposal phase and are being development. Probably missing a few projects. It's being report by DTRaleigh that a group is seeking to rezone 30 acres of south Raleigh to 20 stories. Bounded by Maywood Ave, Mercury Street, Lake Wheeler, and Saunders St. It's basically a mini-Downtown South in terms of scale.

Yeah this should make up for phase 2 of 301H next door basically being dead in the water due to rising construction costs. Hopefully they can sell the property and another developer can have a go. Tidal Real Estate seems to go all in on Raleigh. They have at least 3 20 story projects planned in Downtown Raleigh so far: this project (Kimpton), the Warehouse district 20 story project, and the 500 block of Wilmington Street (next to Charter Square tower). Should be interesting to see how fast the other two project go up.

Official downtown Raleigh Kimpton hotel announcement. It's happening! "Kimpton Hotels & Restaurants, part of IHG Hotels & Resorts' Luxury & Lifestyle Collection, announced today it will open a boutique hotel in downtown Raleigh, North Carolina. The hotel will open in late 2025 as part of a new-build 20-story mixed-use development also featuring high-end residences in North Carolina's capital city. Owned by Tidal Real Estate Partners, the new Kimpton in Raleigh will span the first six floors of the building and feature 179 guest rooms, including approximately 20 suites." https://www.hospitalitynet.org/announcement/41008042/kimpton-raleigh.html

Which is why the recent announcement regarding Downtown South is so exciting. A 21-story residential tower and a 27-story office tower with construction starting next year. So you now Kane has already secured the financing and this project is moving forward. I believe there's also about 12 separate projects in south Raleigh that have proposed towers of 18-stories or greater including Kane's son project near Dix Park which will have two 20-story towers. As of today, there's zero towers in south Raleigh so this area will transform much like South End in Charlotte--but without a light rail unfortunately.

More details from Triangle Business Journal. Looks like the 27-story tower will actually be an office tower with integrated parking. Given the approximate size and location of this tower it should be very prominent development. https://www.bizjournals.com/triangle/news/2022/05/19/high-rise-buildings-downtown-south-raleigh-kane.html

Phase 1 will be a 27 story mix use tower and a 21 story mix use tower. This is along with the other announced projects previously mentioned. Construction expected next year.

The first Raleigh BRT line is insanely a good deal for the City of Raleigh/Wake County. At about $60 million to construct, the city is only paying about $20 million of that from the general budget/transit tax coffer. The rest the feds are providing the funds. For the Raleigh Union Station Bus Station Project, the same deal. GoTriangle will only pay for a portion of the station cost while the feds will provide generous grant funds to assist. The private portion of the bus station project which includes a 37 story residential tower and a hotel will all be funded by the developer. It's such a no-brainer even the more conservative Wake County Board of Commissioners have started a BRT 'extension' study that will piggyback off the 4 planned Raleigh BRT lines so that they extend into the rest of the county. At least 2 line extensions are under consideration at this time. Because BRT is so budget friendly this appears to be a logical step for everyone involved in the project--even though the first BRT line in Raleigh hasn't even started construction yet (expected late 2022). We're talking about the same distances that the Silver Line will cover but at about 10% of the cost and depending on how the Silver Line is built--probably faster too.

The Eastern leasing has been brisk I've been told. This will bode well for Kane Realty's plan for several more residential towers in NH in the near future.

Geez, $500 million from the TN state government. That's a hard no from NCGA for sure. First, if Panther gets any future funds from the state government then both the Hornets and Hurricanes will cry foul. Carolina Hurricanes new or renovated arena now looking to be between $600 million to $1.2 billion (minor structural renovation vs new arena vs new downtown arena). Construction costs across the board have almost doubled since 2019.

Ineos Automotive, which selected Raleigh as its US headquarters, also considering moving production to the US and the Triangle may be shortlisted. https://www.bizjournals.com/triangle/news/2022/04/14/ineos-considers-us-manufacturing-footprint.html

Virginia will have to spend $2 billion for a single rail bridge (Long Bridge Project). So it's relatively a drop in the bucket. NC lacking major waterways and terrain should make major interstate rail projects relatively affordable...if only the state would invest.

The location is almost exactly the same distance from Downtown Raleigh and Downtown Durham but of course, it's a straight shot from HWY 1 if you live in Raleigh. However, given the lower wages it will benefit the region immediately around the location more. Plus Southern Pines/Sanford, Fayetteville areas.

Building on the left looks like IQVIA tower. Downtown Durham set to have plenty of cranes up soon-ish.

There's 100-unit 20 story condo project in Downtown Raleigh in the works. Was delay due to COVID but is now rezoned for up-to-40 stories last month. Not sure the current plan however the developer was confident that the condo tower plans will stay but might get a few more floors higher.

The West Cary Wegmans is never that busy unlike the Raleigh location.