Jun 6, 2023 - Real Estate

Two 20-story residential towers will begin construction near Dix Park

A rendering of the first phase of The Weld residential project near Dix Park, courtesy of SLI Capital

The developers of The Weld, a residential development near Raleigh's Dix Park, have secured financing — a step that pushes the $700 million project toward construction.

Driving the news: The project could eventually include 1,200 apartment units, according to developers SLI Capital and Mack Real Estate Group.

  • The first phase would include the two towers with 675 units at the intersection of Lake Wheeler Road and Hammell Drive.
  • Construction on the first phase is expected to be completed by the end of 2025.

Why it matters: Dix Park is attracting a wave of interest from developers seeking to take advantage of the urban park, which is expected to add many amenities in the coming years.

  • But that interest has also driven fears that those amenities could lead to displacement in the diverse neighborhoods that surround the park.

What they're saying: "The Weld is a truly pivotal site for Dix Park, and will be transformative for the city," Bryan Kane, head of Raleigh-based SLI Capitol, said in a statement. "The Weld will be the front door to Dix Park and provide a direct connection to downtown."

  • “In addition, we are collaborating with the Dix Park Conservancy to identify other meaningful ways to support the Park’s development and expect to announce further details in the Fall.”

Of note: Bryan Kane, CEO and managing partner at SLI Capital, is the son of prominent developer John Kane. The elder Kane has planned another nearby residential project, Park City South, at 927 S. Saunders St.

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