Jan 5, 2024 - News

The largest real estate projects underway in the Triangle

An artist's rendering of the Union West tower in the Warehouse District, courtesy of Hoffman & Associates

From new forms of transit to thousands of new apartments, 2024 will be yet another year of transformation for the Triangle.

  • Here are some of the largest real estate projects under construction across the region.

Bus Rapid Transit

What the bus-rapid transit line on New Bern Avenue would look like. Rendering: Courtesy of the City of Raleigh

Raleighites will start seeing the first evidence of the city's big investment into bus-rapid transit this year.

Driving the news: Work started late last year on Raleigh's first BRT line, which will run 5.4 miles down New Bern Avenue between downtown and WakeMed and New Hope Road.

  • The goal is to complete the project in 2025.

Why it matters: Raleigh hopes that a BRT network — which will one day stretch north, south, east and west from downtown — will transform how residents use public transit.

Go deeper

Union West

The facade of a previous warehouse building that Union West will be built around. Photo: Zachery Eanes/Axios

Buses are shaping a lot of Raleigh's biggest investments at the moment.

Driving the news: The under-construction Union West development — a partnership between GoTriangle and Washington, D.C.-based Hoffman & Associates — began construction last fall and will add a new regional bus station next to Raleigh Union Station.

  • The project is expected to be completed in 2025.

Why it matters: In addition to a ground-level bus station, Union West will add 400 apartments (10% of which will be leased at affordable rates for households making 80% of the area's median income), a hotel and retail space to the Warehouse District.

Location: 210 S. West St.

The Weld and Park City South

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

Near the corner of Dix Park, a cluster of cranes are building two of Raleigh's largest apartment projects.

Why it matters: The Weld and Park City South will collectively add more than 1,000 apartments by the end of 2025, creating a density of housing that the park has never seen before.

Details: The Weld, backed by SLI Capital and Mack Real Estate Group, will be made up of two 20-story residential towers.

  • Construction has begun on the first tower, which will have 675 apartments.

The first two phases of Kane Realty's Park City South will add another 700 apartments by the end of 2025.

Location: The Weld is located at 1205 Lake Wheeler Road.

  • Park City South is 927 S. Saunders St.

Go deeper: The eight projects changing downtown Raleigh's southern gateway

The Novus

The Novus under construction last year. Photo: Zachery Eanes/Axios

Downtown Durham's skyline has been transformed by the arrival of the Novus, a 27-story residential tower that will be completed later this year.

Details: The tower will add 188 apartments and 54 condos to the site of the former South Bank building in Five Points.

  • Many of the condos are listed for more than $1 million.
  • When it opens, the Novus will tie One City Center as the tallest building in Durham.

Be smart: Both the Novus and One City Center were built by Austin Lawrence Partners, a Colorado firm whose owners have connections to Duke University.

Location: 400 W. Main St., Durham

Go deeper: Downtown Durham's apartment building boom

Capital Square

Capital Square's under-construction apartment tower in downtown Raleigh. Photo: Zachery Eanes/Axios

By the end of the summer, a new 20-story apartment tower will soar over Red Hat Amphitheater in downtown Raleigh.

Details: Built by the real estate firm Capital Square, the tower will have 300 apartments and more than 8,000 square feet of retail space.

Location: 320 W. South St.

Hub RTP

A rendering of the planned eight-story tall lab building in RTP, courtesy of Longfellow Real Estate Partners

The first phase of the Research Triangle Foundation's Hub RTP project could be delivered by the end of this year.

Why it matters: Hub RTP is the Research Triangle Foundation's major effort to create an urban core for an area long dominated by islands of corporate headquarters, bringing apartments and high-rise towers to RTP for the first time.

Details: The first three buildings under construction at Hub RTP includes:

What's next: A Renaissance-branded hotel will be the next addition to HUB RTP, which will add one million square feet of office space and 1,200 apartments when fully built out.

Go deeper: RTP's plan for its next 50 years

The Exchange Raleigh

A rendering of 1000 Social, courtesy of Dewitt Carolinas

One of the only office towers expected to be completed in 2024 is the 1000 Social building at The Exchange development in midtown Raleigh.

Details: 1000 Social will be the first of two 12-story office towers at The Exchange Raleigh, a $1 billion project being built in phases by Dewitt Carolinas.

  • The 330,000-square-foot tower is expected to be finished in the Spring and is 50% pre-leased, according to Dewitt Carolinas.

Location: 1000 Social St., Raleigh

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