Jun 24, 2022 - Business

The real estate projects set to transform Raleigh's skyline

An under-construction office tower in downtown Raleigh.
The under-construction 400H tower in downtown Raleigh. Photo: Zachery Eanes/Axios.

Construction in downtown Raleigh has accelerated this year, and looks poised to continue for the foreseeable future, as developers from across the country target North Carolina's capital city.

Why it matters: The projects will reshape Raleigh's skyline and expand the once staid downtown in all directions, adding thousands of apartments, more office space and hotel rooms.

Here are just a few of the prominent projects transforming downtown:

Data: Axios research; Map: Jared Whalen/Axios

400H

What's happening: Located at 400 Hillsborough St., progress on 400H is already well underway, setting it up to be the next tower to join Raleigh's growing skyline.

  • The 20-story building is expected to be completed in fall 2023.

By the numbers: The tower will include: 242 apartments, 150,000 square feet of office space and 16,000 square feet of retail space.

Why it matters: Along with Raleigh Crossing and the Bloc83 development, 400H is yet another high-rise addition to Hillsborough Street, creating a hub of office space away from Fayetteville Street.

An artist's rendering of 400H in downtown Raleigh.
A rendering of the 400H tower. Photo: Courtesy of HM Partners.

Downtown South

What's happening: Downtown South, an ambitious project from Raleigh's Kane Realty, is set to stretch the definition of what downtown Raleigh is, adding multiple towers near the intersection of Interstate 40 and South Saunders Street.

  • The project is valued at more than $2 billion, includes 140 acres of land and might one day house a new sports stadium.

Details: The plans call for a 21-story apartment building and a 27-story office tower.

Why it matters: The project has created concerns around gentrification in the surrounding neighborhoods, but is set to create a major landmark to downtown’s southern gateway.

A rendering of one of the first two towers set to be built in Downtown South.
A rendering of one of the first two towers set for Downtown South. Photo: Courtesy of Kane Realty.

What's next: Construction is expected to begin on both towers early next year, Kane said.

  • Plans for the next phase of towers will be revealed in the coming months, the company added.
The Creamery

What's happening: Not one, but two towers could be added around the historic Creamery building in the Glenwood South neighborhood.

Details: Plans submitted by New York-based Turnbridge for the 400 Glenwood Ave. property call for a 32-story building — which would become Raleigh's third tallest tower — and a 20-story building.

  • The 32-story structure would include 261 apartments, while the other will include 250,000 square feet of office space.
  • It will be the largest project to be built in Raleigh's nightlife hub Glenwood South.
  • Construction is expected to begin later this year.
RusBus

What's happening: Work started in April on the Warehouse District's next high-rise: the Raleigh Union Station Bus facility, or as everyone has come to call it, RUS Bus.

Why it matters: The RUS Bus tower, at 200 S. West St., will become a key cog in the city's improved transportation infrastructure.

  • Located next to Union Station, RUS Bus will include a new regional bus station, 400 apartments, a hotel and retail space — all within one of the city's most walkable neighborhoods, the Warehouse District.

Of note: The project is a partnership between Washington, D.C.-based Hoffman & Associates and GoTriangle, which provides bus service in Wake, Durham and Orange counties.

  • Around 10% of the apartments on the site will be leased at affordable rates for households making 80% of the area’s median income, the Triangle Business Journal previously reported.
  • If all goes to plan, the first phases of the project, including the bus facility, could open by mid-2025, according to a news release.
An artist's rendering of RusBus in downtown Raleigh.
An artist's rendering of the RUS Bus tower in the Warehouse District. Photo: Courtesy of Hoffman & Associates.
Salisbury Square

What's happening: Much like the Creamery, the Salisbury Square development is set to add two towers to the southern section of downtown Raleigh.

Details: The project sits on land that Dominion Realty purchased from the N.C. Association of Educators. It's adjacent to the Duke Energy Center, a part of town that has historically seen little development.

  • The buildings will together add more than 600 apartments to downtown.
  • The first tower will also become the headquarters for Dogwood State Bank, Dominion said earlier this year.
A drawing of the two towers that will make up Salisbury Square in downtown Raleigh.
Salisbury Square in downtown Raleigh will include two 20-story towers. Photo: Courtesy of DRP.
Kimpton Hotel

What's happening: Out with the old and in with the new. Raleigh's iconic, circular Holiday Inn is set to be torn down and replaced by the luxury hotel brand Kimpton.

Details: Located at 320 Hillsborough St., the Kimpton Hotel is setting a late 2025 opening date for its Raleigh hotel.

  • The project will be 20 stories tall and include: 179 hotel rooms, 350 apartments and space for a restaurant.
A rendering of a Kimpton Hotel set for downtown Raleigh.
A rendering of the future Kimpton Hotel in downtown Raleigh. Photo: Courtesy of RB|PR.
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