Owners of former Raleigh Kmart want 20-story flexibility
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The former Western Boulevard Kmart earlier this year. Photo: Zachery Eanes/Axios
The owners of the former Kmart property on Western Boulevard in Raleigh are asking the Raleigh City Council for the ability to build up to 20 stories on the site.
Why it matters: Once a bustling retail spot, the property at 4500 Western Blvd. has fallen into disrepair since the Kmart closed in 2018.
- The property is on a future bus-rapid transit line, connecting Cary to downtown Raleigh, making its redevelopment a priority for the city.
Driving the news: Raleigh-based developer CityPlat, which bought the property earlier this year for $14 million, is pursuing the rezoning to make it easier to build multifamily housing on the site.
- Already, CityPlat is making renovations, valued at around $6 million, to the former Kmart building and has signed several tenants for the spaces, including a Turkish cafe, a gym and a basketball training facility.
Zoom in: The current zoning allows up to five stories of construction on the site.
- The new proposal asks for the ability to go up to 20 stories (tapered down to 12 stories along the western side of the property that faces Blue Ridge Road).
- It would give CityPlat the ability to add up to 3,500 residential units as well as 1.2 million square feet of office and 300,000 square feet of retail.
Between the lines: Jason Barron, a lawyer representing CityPlat, told city council that the rezoning is needed to make the long-term vision for the property viable.
- He noted, however, that the market for new multifamily has slowed down tremendously as Raleigh absorbs a historic number of new apartments.
- The earliest he could imagine apartments being built there would be around five years from now. The immediate goal is to rejuvenate the property as a retail destination.
What's next: The city council has not approved the rezoning yet, and asked for more clarity around how CityPlat will handle some tree planting requirements between the property's eastern edge and Interstate-440.
- CityPlat wants as little as a buffer as possible, since the parking lots where it could build future residential towers are already constrained. However, several city council members expressed a desire to keep a tree buffer.
- The rezoning is expected to be taken up again at the council's Jan. 6 meeting.