It took 17 years to get the land. What will the downtown developer do?

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Devereux Meadow is a 14-acre site at the intersection of Capital Boulevard and Peace Street in downtown Raleigh.

City of Raleigh

The real estate company from Raleigh has been building adjacent plots of land near one of the city’s central gateways for 17 years. Now it is ready to launch development.

Raleigh Development Company last week completed the acquisition of 2.6 acres at the intersection of Northwest and West World streets in the northwest corner of downtown. The company acquired its first few properties in 2005, according to city real estate.

Company vice president Chris Carter said the firm had delayed development for years, believing it would eventually control most of the unit.

“It was a long, long process,” he said. “We have buildings on all the facilities, on which we have spent a little money to repair them and make reconstructions, but nothing large-scale along the way. Everything was just spent on the assembly, and there was no point in doing anything until we got everything. “

The urban quarter west of Capital Boulevard is part of the bustling Glenwood South area of ​​Raleigh. Adjacent to the RDC land is 14 acres of city property called Devereux Meadow. Raleigh keeps maintenance equipment and urban machinery in place for 40 years, but plans to repurpose the contaminated area under the park.

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Devereux Meadow is a 14-acre site at the intersection of Capital Boulevard and Peace Street in downtown Raleigh. City of Raleigh

“It’s kind of a push for many of what’s going on in this area, and we’re including,” Carter said. “It will be a big driving force for our development there. It will be a very noticeable, very loud city park, which will really push a lot of activities in this area. “

Carter said the RDC property is located in areas for the construction of 12-story buildings. He wasn’t sure if the company would petition for the change, but he expects it to erect high-rises.

“There will be sharing,” he said. “Certainly, we will have terrestrial retailers, and perhaps other uses will be included in the project. But we assume it will be a lot of housing. “

Development planning has just begun, but RDC can begin its project by 2024.

“Having just purchased the last property last week, we are only now starting official planning,” Carter said. “So a lot of things can change and move. But I believe that a two-year term is real. “

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Lars Dolder is a business reporter for The News & Observer with a focus on retail.



It took 17 years to get the land. What will the downtown developer do?

Source link It took 17 years to get the land. What will the downtown developer do?