Triangle developments in limbo without clear timelines
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A rendering of what Downtown South could look like. Photo: Kane Realty
While many prominent new properties are being built across the Triangle, several of the region's most notable planned developments still lack firm timelines for beginning construction.
Why it matters: Due to various factors — high interest rates, remote work, increased competition from other developers and the reluctance of banks to issue loans — many of the region's largest projects are indefinitely on hold.
Below are some of the notable projects that have been delayed.
- This isn't a comprehensive list. Some projects, such as Peebles' proposal to redevelop the old four-acre Durham police HQ into a mixed-use campus featuring affordable housing and office space, are early in their planning phases and lack a firm timeline.
Downtown South
The prolific Raleigh developer Kane Realty's ambitious Downtown South project still does not have a start date.
- If and when it does break ground, the project is expected to transform the southern gateway into downtown Raleigh, adding several high-rise towers filled with office space and apartments as well as a live music venue, restaurants and, maybe one day, a soccer stadium.
- However, Kane Realty, which has not yet responded to a request for comment, said it cannot begin construction on the large development until it secures financing.
Apple's Research Triangle Park office
Perhaps the state's most prized economic win since the pandemic, Apple's planned Research Triangle Park was officially delayed last year, after company officials told the state they would need more time to meet its construction and hiring goals.
What's happening: Apple says it is still fully committed to building its "East Coast HQ" in Research Triangle Park and employing up to 3,000 people there.
- But the timeline on the potential half-a-billion-dollar campus, announced in 2021, is now stretching further out. The company said last year it would need to push back its timeline by four years.
- Apple could land more than $800 million in tax incentives if it meets hiring goals.
- The company says it has hired more than 600 workers locally so far, many of whom work at a subleased MetLife tower in Cary.
Zoom out: Apple isn't the only notable economic development project to delay construction. Electric car marker VinFast said it needed to delay the opening of its Chatham County factory until 2028 at the earliest.
Kimpton Hotel
It seemed like the days of downtown Raleigh's circular Holiday Inn were numbered after Tidal Real Estate Partners bought the property to build a Kimpton luxury hotel there in 2022.
- But as of now, the demolition is still on hold and construction to start the Kimpton does not have a timeline.
What's happening: A spokesperson for Tidal told Axios that there was no update on the Kimpton project.
- Since that deal was announced, the hotel landscape in Raleigh has changed, most notably with the city signing a development agreement with the Omni Hotel group to build a hotel downtown. (Construction on that hotel could start in 2026.)
Epic Games Headquarters
The old Cary Towne Center mall property is still sitting vacant more than four years after Epic Games bought it for $95 million.
Why it matters: The demolished mall, located at a high-traffic entrance into Cary from Interstate 40, is supposed to be transformed into a new headquarters for Epic Games — but a rezoning of the property has been languishing for years.
- Since Epic bought the property, remote work remains popular and the company has had a round of layoffs.
What they're saying: A spokesperson for Epic Games said there are still no plans to share about the potential headquarters.
American Tobacco Campus expansion
Capitol Broadcasting's redevelopment of the American Tobacco Campus was one of the most significant projects that helped bring downtown Durham back from its doldrums.
Why it matters: The expansion of the ATC to include more apartments, offices and restaurants could be part of the next wave of Durham's growth, but those plans still appear to be on hold.
What's happening: A spokesperson for Capitol Broadcasting did not respond to a request for comment, but the company has previously said that it is waiting to lease several tenants before beginning construction.
Longfellow lab projects
Longfellow Real Estate Partners, one of the largest biotech lab builders in the U.S., has plans to expand its Triangle footprint with new lab buildings in Research Triangle Park and downtown Chapel Hill.
- When those buildings will be built is still unclear, however.
Why it matters: Both of the lab projects are noteworthy for where they are being built.
- The Research Triangle Park project would bring a vertical lab building to HUB RTP, the park's ambitious effort to build an urban center, and the Chapel Hill project would add a significant amount of lab space on the doorstep of UNC-Chapel Hill.
What's happening: Both projects are waiting to begin construction until they have pre-leased tenants, a spokesperson for Longfellow told Axios.
Nash Square
Nash Square in downtown Raleigh could look drastically different in the coming years if a pair of projects get off the ground.
What's happening: While construction has already started on a new office tower for the City of Raleigh on one side, it is still unclear when construction could start on the former sites of The News & Observer and the Berkeley Cafe.
- The Berkeley Cafe building was torn down nearly two years ago, and in its place a New York developer has plans to build a 36-story apartment tower.
- A spokesperson for Alchemy Properties told Axios, however, that it currently has no update to share on the construction of that tower.
The former News & Observer property, which was sold in 2018, had one rezoning approved for a tower up to 40 stories tall.
- Seven years later, no concrete plans have emerged for the property and the former N&O building still sits empty in the heart of downtown.
Durham YMCA tower
Plans to build a 27-story tower over the top of the downtown Durham YMCA remain on hold.
Why it matters: The project, which would have required the downtown Y to close during construction, would become one of downtown Durham's tallest buildings and bring hundreds of apartments and more office space.
What's happening: Ben Perry, a senior managing partner for Chapel Hill-based East West Partners, which would lease the land from the YMCA and build the tower, told Axios the project remains on hold.
Location: 218 W. Morgan St.