Here are the biggest projects in the Triangle that have been delayed
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A rendering of the first phase of the Downtown South development, courtesy of Kane Realty
2023 was the year of delays — with high interest and vacancy rates pushing back several of the Triangle's most ambitious real estate projects.
What's happening: Many of those delays will likely continue into 2024, as developers look for more tenants and firm financing before beginning construction.
Downtown South
Kane Realty is still waiting to start construction on Downtown South, its large-scale project that will add multiple office-and-apartment towers and a new concert venue south of downtown Raleigh.
Why it matters: Downtown South will essentially create a new neighborhood near the southern gateway into downtown Raleigh.
- The project — and the growth of Dix Park — has also spurred debates around gentrification in the surrounding neighborhoods, which have historically been more diverse and have lower incomes than the city as a whole.
Details: Bonner Gaylord, chief operating officer for Kane, told Axios last year that the Raleigh-based developer is still attempting to get loans finalized to start the project.
- Kane has already gotten the necessary permits to build a 7-story apartment building at Downtown South and will get them for a 3,500-person music venue early this year.
- Other buildings in the first phase include a 21-story apartment building and a 27-story office tower.
- In total, the first phase would add 1,000 apartments and more than 500,000 square feet of offices — if the financing can be secured to build it.
Location: 1721 S. Saunders St., Raleigh
American Tobacco Campus Phase II
The old University Ford dealership in downtown Durham has been leveled but the expansion of the American Tobacco Campus still hasn't gotten the green light for construction.
Driving the news: Adam Klein, director of Durham real estate for the ATC's owner Capitol Broadcasting, told Axios that his company will be ready to start construction once tenants are secured for the future project.
Why it matters: The ATC helped redefine downtown Durham, turning an old cigarette factory into a hub of apartments, offices and restaurants.
- Its expansion would add hundreds of apartments and a new office tower.
Location: 601 Willard St., Durham
Epic Games HQ
It remains to be seen what will become of the old Cary Towne Center mall, which was demolished in 2022 by Epic Games.
Driving the news: Dana Cowley, a spokesperson for the video game company, told Axios that the company has no update to share about its plans for the property.
- And a rezoning request has stalled at the Cary Town Council since 2022.
Why it matters: Epic Games dropped $95 million on the 87-acre mall property, which sits prominently near the Fenton shopping district and Interstate 40.
- But after growing its headcount significantly since the pandemic, Epic laid off nearly 900 employees in September.
Location: 1105 Walnut St., Cary
The Kimpton Hotel
Since its announcement in 2022, residents of Raleigh have been watching eagerly or in dismay for the inevitable demolition of the circular Holiday Inn hotel on Hillsborough Street.
- The demise of one of Raleigh's quirkiest buildings — which will make way for a Kimpton Hotel — could finally come this year, but the timeline still remains unclear.
Driving the news: A spokesperson for the project told Axios the plan is to demolish the building at some point this year and then construction on a new 20-story tower will begin.
- But the exact timing isn't final.
Details: When completed, the 20-story tower would be home to a Kimpton Hotel and 350 apartments.
Location: 320 Hillsborough St., Raleigh
Durham YMCA
The Downtown Durham YMCA was expected to be closed by now — but the gym there is expected to remain open throughout 2024.
Driving the news: Ben Perry, a senior managing partner for Chapel Hill-based East West Partners, told Axios the plan to build a tower on the YMCA property is still happening but there is no "timeline to report."
Details: The YMCA of the Triangle and East West Partners of Chapel Hill plan to build 27-story and 12-story towers on the site of the Y, with the gym remaining on the bottom floors and hundreds of apartments and office space on top of it.
- The YMCA still owns the land where the tower is being built and East West Partners has signed a 99-year ground lease.
Location: 218 W. Morgan St.